Fnality, a DLT wholesale settlement system, has raised a $135 million (£99.7 million) Series C funding round. The investment was led by WisdomTree, Bank of America, Citi, KBC Group, Temasek and Tradeweb, with WisdomTree and KBC being existing backers. Other existing investors participating in the funding included Banco Santander, Barclays, BNP Paribas, DTCC, Euroclear, Goldman Sachs, ING, Nasdaq, State Street and UBS. The company has now raised $310 million (£230m) in total.
Fnality enables tokenized money backed by deposits held at the central bank. Its solution supports use cases such as delivery versus payment for tokenized securities, FX payment versus payment and intraday repo. So far, it’s live in the UK with four banks onboarded: Lloyds, Santander, UBS and BNP Paribas.
In the US, it received an 18-month interim approval as a state chartered innovation bank in April. A Fnality spokesperson told Ledger Insights via email that this allows it to get involved in “product development, testing, hiring and participant onboarding.” However, it still needs regulatory approval when it’s ready to launch. It recently explored integration with the DTCC, one of its investors.
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