Fnality Attracts Global Institutions In $136 Million Series C To Advance DLT Settlement

Wholesale payments operator Fnality has raised $136 million (~£99.7 million) in a Series C funding round led by WisdomTree, Bank of America, Citi, KBC Group, Temasek and Tradeweb.

 

Existing investors also joined the round, including Banco Santander, Barclays, BNP Paribas, DTCC, Euroclear, Goldman Sachs, ING, Nasdaq Ventures, State Street and UBS.

 

Fnality operates regulated wholesale payment systems designed to connect traditional finance with tokenised markets through distributed ledger technology (DLT). The group launched the Sterling Fnality Payment System in the UK in December 2023 and is now extending its model to other major currencies.

 

The company said its roadmap includes liquidity management solutions and interoperability with new forms of settlement such as stablecoins and tokenised deposits. Fnality also highlighted potential applications including delivery-versus-payment for tokenised securities, on-demand FX settlement, and real-time repo transactions.

 

Michelle Neal, Chief Executive Officer of Fnality International, said the raise underlined conviction in the firm’s role in shaping future settlement infrastructure.

“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. 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.”

— Michelle Neal, CEO, Fnality International

 

 

Jonathan Steinberg, Chief Executive Officer and Founder of WisdomTree, said:

“Our investment in Fnality reflects our 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 Connect™, bringing 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.”

— Jonathan Steinberg, CEO & Founder, WisdomTree

 

Jim De Mare, Co-President of Bank of America, commented:

“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. We are excited to play a role in delivering meaningful innovation to the financial ecosystem.”

— Jim De Mare, Co-President, Bank of America

 

 

Deepak Mehra, Head of Digital Strategy at Citi Markets, 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. We are pleased to support Fnality’s efforts in developing interoperable payment systems that can contribute to the evolution of tokenized markets.”

— Deepak Mehra, Head of Digital Strategy, Citi Markets

 

Erik Luts, Executive Director and Chief Innovation Officer of KBC Group, said:

“KBC Group is pleased to renew its investment in Fnality, reflecting our 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.”

— Erik Luts, Executive Director & Chief Innovation Officer, KBC Group

 

 

Billy Hult, Chief Executive Officer of Tradeweb, added:

“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.”

— Billy Hult, CEO, Tradeweb

 

The participation of such a wide group of leading financial institutions underscores how seriously traditional finance (TradFi) is approaching DLT settlement. With investors spanning global banks, market infrastructure operators, and trading venues, the round shows a coordinated industry push to build settlement solutions supporting tokenised assets at scale. Theor strategic alignment suggests that Fnality is at the centre of efforts to create interoperable, central bank-anchored payment systems.

 

Broadhaven acted as financial advisor to the round, and Sullivan & Cromwell acted as legal counsel.

 

 

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