Fnality raises $95 million in round led by Goldman, BNP Paribas

Quick Take

  • Goldman Sachs and BNP Paribas led the round, while DTCC, Euroclear, Nomura, WisdomTree and a bevy of existing bank-backers also participated.

Fnality, the London-based blockchain payments firm, raised another $95 million in a round led by Goldman Sachs and BNP Paribas.

DTCC, Euroclear, Nomura and WisdomTree also participated in the round, alongside some of a number of the banks that backed Fnality when it raised $63 million in 2019, according to multiple reports. Those banks include Banco Santander, BNY Mellon, Barclays, CIBC, Commerzbank, ING, Lloyds Banking Group, Nasdaq Ventures, State Street, Sumitomo Mitsui Banking Corporation, and UBS. Fnality did not immediately respond to a request for comment. 

The news confirms a September 2022 report from The Block, which revealed that Fnality had hired Broadhaven Capital Partners in pursuit of a Series B round.

The Fnality timeline

Fnality creates tokenized versions of fiat currency backed by cash held at central banks.


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It first made headlines as a consortium of banks — spearheaded by UBS — focused on how to use blockchain technology and tokenized assets to settle trades. At that time, the initiative was known as Utility Settlement Coin (USC).

By September 2020, the project had faced delays in its bid for regulatory approval.

The following year, in April, the Bank of England (BoE) announced it would allow innovators to access central bank money through so-called omnibus accounts, in order to “support a greater range of payment systems.” Fnality quickly said in a blog post that it had applied for access.

In February 2022, the firm ran a proof-of-concept for issuing a tokenized security on Ethereum, with Fnality handling the payment part of the process. Fnality’s CEO Rhomaios Ram, who previously spent over 19 years at Deutsche Bank, said at the time that the firm was on track to finally launch its payment system in October 2022.

© 2023 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.

About Author

Ryan Weeks is deals editor at the The Block, focused on fundraising, M&A and institutional trends in the crypto space, among other things. He is particularly interested in investigative work — so please send tips! Ryan previously worked at Financial News, Dow Jones as a fintech correspondent in London. Prior to that, he wrote for several different publications, including Sifted, AltFi and Wired. Beyond journalism, Ryan is a keen reader and writer. He enjoys all things active, especially running, rugby, climbing and tennis.


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