Funding | Nov 17, 2023
Fnality raises £77.7M led by Goldman Sachs for a blockchain payment network, set to transform global financial transactions
Fnality, a blockchain-based wholesale payments firm, has successfully raised £77.7 million ($95.09 million) in its second round of funding. This round was led by Goldman Sachs alongside other prominent financial firms like BNP Paribas, DTCC, Euroclear, Nomura, and WisdomTree participated in this funding round.
With the latest funding, Fnality’s total capital raised to date is £132.7 million.
The funds are earmarked for establishing a round-the-clock global liquidity management network, catering to new digital payment models in wholesale financial markets and emerging tokenized asset markets.
See: Understanding the Impact of Blockchain on Banking: Cross-Border Payments
Fnality’s Evolution
Fnality International began as a research project focused on understanding how Distributed Ledger Technology (DLT) could transform financial markets. It evolved into a consortium of financial institutions exploring the use of Blockchain and DLT for tokenizing cash assets to settle securities trades, addressing challenges in Financial Market Infrastructures (FMI).
Key Developments:
- Utility Settlement Coin (USC) Project: The initiative was initially known as the USC Project, with a core objective to create a peer-to-peer digital cash asset for settling tokenized transactions with finality.
- Payment Solution Goals: The envisioned payment solution aimed to be available in multiple currencies, capable of interoperating across various business platforms, and represent a digital version of money held in central bank accounts.
After establishing the feasibility of their aims, the consortium members invested in creating Fnality International (Fnality) to enable ‘on-chain’ payment.
See: Bank Consortium to Launch “Paze” to Challenge Big Tech’s Fintech Dominance
Fnality now includes 17 major institutions as shareholders, such as Banco Santander, BNY Mellon, Barclays, CIBC, Commerzbank, Credit Suisse, Euroclear, ING, KBC Group, Lloyds Banking Group, Mizuho Financial Group, MUFG Bank, Nasdaq, Nomura, Sumitomo Mitsui Banking Corporation, State Street Corporation, and UBS.
Next Steps
Fnality is awaiting approval from the Bank of England to commence operations, with plans to launch the Sterling Fnality Payment System in 2023. This system promises to be a game-changer, offering round-the-clock global liquidity management and supporting new digital payment models in both wholesale financial markets and emerging tokenized asset markets.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada’s Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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- Source: https://ncfacanada.org/goldman-sachs-funds-blockchain-payments-firm/
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