Digital Assets: Fnality Lands $95M For Blockchain-Based Payments Systems

November 14, 2023 | Digital Assets, News

Fnality previously raised £55 million in June 2019.

Fnality International Ltd., a London-based firm developing a blockchain-powered wholesale payment system, has successfully raised £77.7 million ($95.2 million) in a funding round led by Goldman Sachs Group Inc. (NYSE: GS) and BNP Paribas SA (EPA: BNP). Notable participants in this funding round include the Depository Trust & Clearing Corp., Euroclear, Nomura Holdings Inc. (TYO: 8604), and Wisdom Tree Inc (NYSE: WT). While the valuation of Fnality post-investment remains undisclosed, the capital injection follows more than four years since the company’s last funding round, which garnered £55 million in June 2019. (Bloomberg)

Fnality, originating from a UBS-led blockchain project, aims to create digital versions of major currencies for use in wholesale payments and transactions involving digital securities. Despite facing delays common to many startups in this space, Fnality anticipates commencing initial operations of its Sterling payment system by year-end, pending regulatory approval. The funding will be directed towards enhancing the operations and functionality of the British pound-based iteration of its system.

The investment landscape in blockchain and distributed-ledger technology is witnessing increased interest, with major banks like JPMorgan Chase & Co. (NYSE: JPM) launching initiatives reliant on these technologies.

According to Fnality’s CEO, Rhomaios Ram, the investment was significant, indicating a positive shift in sentiment and pockets of optimism in the industry.

Related Story:  Bitcoin Denominated, AI-Powered Life Insurance Provider Meanwhile Raises $19M

Photo by Morthy Jameson on Unsplash

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