Blockchain payment firm Fnality surges with $95M backing from BNP Paribas and Goldman

In this post:

  • Fnality’s $95M boost: Goldman, BNP lead blockchain finance.
  • $158M funds shift wholesale markets, propel Fnality’s innovation.

Global investment bank Goldman Sachs and French universal bank BNP Paribas have spearheaded a successful funding round for Fnality, a blockchain-based wholesale payments firm. The company secured £77.7 million ($95.09 million) in its second funding round, bringing its total capital raised to $158 million since 2019. Notable participants in this funding round included settlement houses Euroclear and Depository Trust and Clearing Corporation, global exchange-traded fund firm WisdomTree, and existing investor Nomura.

The funding round saw participation from an array of financial institutions, reaffirming confidence in Fnality’s vision. Notable investors from the initial round, such as Banco Santander, BNY Mellon, Barclays, CIBC, Commerzbank, ING, Lloyds Banking Group, Nasdaq Ventures, State Street, Sumitomo Mitsui Banking Corporation, and UBS, also increased their stakes. UBS and other global banks had initially invested £55 million ($63.2 million) in Fnality in June 2019 with the aim of launching a blockchain-based trade settlement platform.

Fnality’s blockchain technology application enables institutions to utilize central bank funds for various use cases. According to Mathew McDermott, Goldman’s global head of digital assets, this includes facilitating “instantaneous, cross-border, cross-currency payments, collateral mobility, and security transactions.” The strategic use of blockchain technology positions Fnality as a key player in fostering innovation across wholesale financial markets and emerging tokenized asset markets.

Fnality’s $158M: Transforming global payments with blockchain

The newly acquired capital will be pivotal in establishing a robust, round-the-clock global liquidity management network. This network aims to support the implementation of new digital payment models within wholesale financial markets and emerging tokenized asset markets. Fnality’s strategic focus on liquidity management underscores its commitment to addressing the evolving needs of the financial landscape.

The funds raised also lay the groundwork for the anticipated launch of the Sterling Fnality Payment System in 2023. However, the system’s initiation is contingent upon regulatory approval from the Bank of England. This ambitious project aligns with Fnality’s broader mission to revolutionize payment systems through the integration of blockchain technology.

Fnality’s successful funding round, led by financial giants Goldman Sachs and BNP Paribas, underscores the growing confidence in blockchain’s potential to reshape financial transactions. With a total capital infusion of $158 million since 2019, Fnality is well-positioned to pioneer innovative solutions in wholesale financial markets. The establishment of a global liquidity management network and the impending launch of the Sterling Fnality Payment System signal a transformative period for Fnality and the broader financial industry.

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