Fnality, the operator of next generation wholesale payment systems in the United Kingdom, announced Tuesday it has raised $136 million in a Series C funding round led by WisdomTree, Bank of America, Citi, KBC Group, Temasek and Tradeweb.

The lead investors were joined by existing investors Banco Santander, Barclays, BNP Paribas, DTCC, Euroclear, Goldman Sachs, ING, Nasdaq Ventures, State Street and UBS, Fnality said in a statement.

According to the statement, this latest capital raise represents a significant milestone for Fnality and its mission to build a new global settlement network, enabled by distributed ledger technology (DLT), that bridges today’s wholesale markets with the emerging world of institutional tokenized assets.

Following the launch of the Sterling Fnality Payment System in the UK in December 2023, the ongoing strategic initiatives of Fnality include extending the network’s footprint to other major currencies, delivering solutions that optimize liquidity management, and facilitating the emerging payment ecosystem by providing settlement interoperability for innovations such as stablecoins and tokenized deposits.

Fnality said the firm is uniquely positioned to become a foundational element of a new global settlement layer, in collaboration with other market infrastructures across the emerging digital assets landscape.

Together with the industry, it said the firm is driving forward powerful solutions — from real-time settlement of tokenized securities through secure delivery-versus-payment (DvP) using its earmarking feature, to on-demand FX payment-versus-payment settlement via the Sterling Fnality Payment System (£FnPS), and real-time repo transactions.

Each example highlights how regulated DLT-enabled payments are reshaping traditional financial market infrastructures, accelerating the evolution toward more integrated, liquid, and resilient capital markets.

“The closing of our Series C reflects a shared conviction that the future of money demands a new foundation, one with Fnality at its core,

“Our blockchain-based settlement systems, anchored in the credit quality of central bank money, connect traditional finance with the fast adoption of tokenized and decentralized markets,” said Michelle Neal, Chief Executive Officer of Fnality International.

“With 24/7 payment rails, real-time settlement, and enhanced liquidity management, we’re not just modernizing wholesale payments, we’re building a future that fuses Decentralized Finance’s operational optimization with Traditional Finance’s capital efficiency,

“This investment accelerates our journey toward a financial market infrastructure that is more resilient, more inclusive, and ready for the hybrid future of global finance,” she added.

Jonathan Steinberg, Chief Executive Officer and Founder at WisdomTree, commented that the firm’s investment in Fnality reflects its ambition to plug directly into the rapidly growing tokenized markets.

“At WisdomTree, we have been pioneers in blockchain-based finance with the launch of WisdomTree Prime® and WisdomTree ConnectTM, bringing exchange traded funds (ETFs), U.S. Treasuries, gold, and dollar tokens onto blockchain rails to enable 24/7 settlement and programmable finance,

“We see Fnality’s blockchain-based settlement systems, anchored in reserves held in central banks, as a critical foundation for this vision and the future infrastructure of financial services,” he added.

Meanwhile, Jim DeMare, Co-President of Bank of America, said this partnership is an important milestone in the digitization of institutional markets.

“By embracing new technological solutions, we can modernize the market structure and build a foundation for institutions to operate with greater speed and efficiency,” he added.

Deepak Mehra, Head of Digital Strategy, Citi Markets, also said Fnality’s work in wholesale payments aligns with Citi’s ongoing commitment to delivering innovative solutions for the digital asset landscape.

“Their regulated DLT-based approach offers a compelling pathway for more efficient and resilient financial market infrastructure,” he added.

Erik Luts, Executive Director & Chief Innovation Officer KBC Group, also said the firm’s investment in Fnality reflecting its belief in the long-term potential of regulated digital payment systems.

“KBC Group’s strategic vision is centered on enabling the future of finance through trusted innovation, and Fnality’s work is a natural fit with our ambition to support technologies that deliver real-world impact and long-term resilience for financial markets,

“We’re investing in a future where interoperability, speed, and security are not trade-offs but standard features. Fnality’s platform is a blueprint for how financial institutions can work together to deliver better outcomes,” he added.

Billy Hult, Chief Executive Officer at Tradeweb, also commented that Tradeweb’s ambition is to build a 24/7 global capital market ecosystem, and having wholesale payment rails integrated into existing workflows is an important step in that evolution.

“By enabling central bank-backed cash to move on-ledger any time, Fnality is unlocking the full potential of trading digital bonds and other tokenized securities — helping innovation in payments keep pace with innovation in the assets themselves,” he added.

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