Fintech firm Fnality has completed a Series B funding round, raising £77.7 million. Lead investors included Goldman Sachs and BNP Paribas. The completion of this round follows a £55 million Series A round in 2019, bringing Fnality’s total capital raised to £132.7 million.
Other investors included the Depository Trust and Clearing Corporation (DTCC), Euroclear, Nomura, and WisdomTree as well as some investors from the Series A round, such as BNY Mellon, Barclays, and State Street.
In a press release, CEO Rhomaios Ram comments that the funding round is a representation of “the financial sector’s desire for a central bank money backed blockchain-based settlement solution that bridges the gap between traditional finance (TradFi) and decentralised finance (DeFi) in wholesale markets”.
Fnality is currently preparing the Sterling Fnality Payment System (£FnPS) for launch, subject to regulatory approval. The firm states that the funding will be used to “continue progress towards the establishment of a world-first global liquidity management ecosystem that empowers new digital payment models in both wholesale financial markets and emerging tokenised asset markets”.