London-based Fnality has secured $136 million in a Series C round to scale its blockchain-based settlement infrastructure designed for wholesale financial markets.
The investment was backed by a consortium of leading banks and asset managers, highlighting the growing institutional interest in distributed ledger technology (DLT) for payments.
Fnality is developing regulated payment systems that use digital representations of central bank money, aiming to streamline cross-border transactions and settlement of tokenized assets.
The company’s solution targets the $120 billion global cross-border payments market, which remains dominated by legacy systems often criticized for high costs and inefficiency.
The latest financing brings Fnality’s total funding to over $280 million since its founding in 2019.
The Series C round follows earlier backing from institutions including Nomura, UBS, and Banco Santander, all of which see blockchain-based rails as critical to the future of financial market infrastructure.
Fnality’s platform creates a network of so-called Fnality Payment Systems (FnPS), which are expected to serve as settlement rails for digital securities, tokenized assets, and cross-border payments.
By linking directly to central banks, the system seeks to reduce counterparty risks while enabling near-instant finality of transactions.
Industry observers note that Fnality’s progress comes as central banks and market operators worldwide accelerate work on digital currencies and blockchain-powered settlements.
Competitors such as JPMorgan’s Kinexys and various central bank digital currency (CBDC) pilots are also advancing, but Fnality’s approach of building a multi-bank utility could position it as a key player in bridging traditional and digital finance.
With fresh funding in place, Fnality plans to expand its settlement network across major financial centers and extend partnerships with banks and market infrastructures.