Fnality secures $136m to expand blockchain settlement network

Fnality, the London-based blockchain payments company, has raised $136 million (£99.7m) in a Series C round backed by some of the world’s largest banks and asset managers, underscoring the accelerating push to modernise wholesale payments infrastructure.

Fnality secures $136m to expand network

The round was led by Bank of America, Citi, KBC Group, Temasek, Tradeweb and WisdomTree, alongside returning investors including Goldman Sachs, Santander, Barclays, BNP Paribas, UBS, Euroclear and DTCC.

The breadth of participants signals growing institutional confidence in the use of distributed ledger technology (DLT) for critical financial market infrastructure.

Global Settlement Network

Fnality, founded in 2019, is building a regulated global settlement network anchored in central bank money.

Its ambition is to connect traditional finance with emerging tokenised markets by enabling 24/7 payment rails, real-time settlement, and more efficient liquidity management.

The firm launched its first system – the sterling-denominated Fnality Payment System – in the UK in December 2023 and now plans to expand into US dollar and euro markets, subject to regulatory approval.

Michelle Neal, chief executive of Fnality, described the raise as validation of the company’s vision.

“The future of money demands a new foundation, one with Fnality at its core,” she said. “By combining the credit quality of central bank reserves with the operational flexibility of blockchain, we are creating a resilient and inclusive market infrastructure for a hybrid future of finance.”

Fnality’s platform is designed to enable delivery-versus-payment for tokenised securities, real-time repurchase agreements and payment-versus-payment foreign exchange settlement. By shifting settlement to DLT rails, the company aims to reduce counterparty risk and improve capital efficiency while maintaining regulatory oversight.

The investment comes as momentum builds around digital settlement systems worldwide.

Google recently unveiled an open-source protocol that enables AI applications to transact in both fiat and stablecoins, while banks in Japan and Singapore are piloting tokenised deposits for cross-border settlement.

For institutions, the convergence of blockchain, stablecoins and tokenised assets is increasingly viewed as the next evolution of market plumbing.

Jonathan Steinberg, chief executive of WisdomTree, said Fnality’s work provided a “critical foundation” for the future of tokenised finance, while Bank of America and Citi emphasised its potential to modernise market structure and deliver interoperable payment systems.

With heavyweight backing and regulatory traction, Fnality is positioning itself as a cornerstone of the next-generation settlement layer – one that could bridge the divide between traditional financial markets and the tokenised economy.