U.K. blockchain startup Fnality has raised $136 million in a Series C round led by WisdomTree, Bank of America, Citi, KBC Group, Temasek, and Tradeweb to scale its global settlement network for banks and tokenized assets.
The London-based firm operates wholesale payment systems regulated by central banks and launched the Sterling Fnality Payment System (£FnPS) in December 2023. Fnality’s system lets banks settle transactions in digital assets backed 1:1 by funds at the Bank of England, providing real-time payment legs for tokenized bonds, equities, and repo transactions.
Strapped with the new funding, Fnality plans to expand operations to other major currencies, build liquidity tools, onchain workflows, and interoperability with stablecoins and tokenized deposits, the company said.
Large banks and market operators are pushing tokenization pilots, from JPMorgan’s deposit token tests to HSBC’s tokenized deposit service. Fnality’s pitch is to provide the central-bank-money settlement rail that these projects can plug into. CEO Michelle Neal added that the new capital will support scaling the network, product development, and regulatory approvals in key markets.
Fnality raised $95 million in 2023 in a round led by Goldman Sachs and BNP Paribas, and approximately $67 million in 2019 to develop the Utility Settlement Coin, which evolved into Fnality. With today’s financing, the firm has raised well over $280 million to date.
Existing backers, including Santander, Barclays, BNP Paribas, DTCC, Euroclear, Goldman Sachs, ING, Nasdaq Ventures, State Street, and UBS, also joined in the latest fundraise.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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