Fnality International, a blockchain technology company, has raised £77.7m ($95.49m) in a Series B funding round, reported CityAM.
Fnality’s existing investors Banco Santander, Barclays, BNY Mellon, CIBC, Commerzbank, ING, Lloyds Banking Group, Nasdaq Ventures, State Street, Sumitomo Mitsui Banking Corporation and UBS also participated in the round.
The latest funding takes the total funds raised by the company to £132.7m.
Founded in 2019 and based in the UK, Fnality is engaged in developing digital versions of major currencies, which will be used in transactions involving digital securities and wholesale payments.
The Series B funding comes as the company prepares to start, subject to regulatory approval, the initial operations of its Sterling Fnality Payment System (£FnPS) in 2023.
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Fnality plans to use the proceeds to set up a global liquidity management ecosystem to support new digital payment methods in both tokenised asset markets and wholesale financial markets.
It comprises the launch of FnPS in major currencies such as USD, expansion of the ecosystem and network, and a range of applications for payments, settlement, and collateral management in global markets.
Fnality International CEO Rhomaios Ram said: “Our Series B funding round represents 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.
“Each Fnality Payment System utilises [distributed ledger technology] DLT to provide a 24/7 payment rail with the ability to reduce settlement cycles to real-time, while significantly improving intraday liquidity management and marking significant innovation in the speed, functionality, and resilience of wholesale payments.”
Goldman Sachs global head of digital assets Mathew McDermott said: “Fnality’s application of blockchain technology offers a resilient way for institutions to use central bank funds across a wide set of potential use cases, including instantaneous, cross-border, cross-currency payments, collateral mobility, and security transactions.”