Fnality,
a UK-based blockchain-powered wholesale payments firm, has raised £77.7 million in its second funding round, supported by major financial
institutions such as Goldman Sachs, BNP Paribas, and others. The funding round
comes as Fnality awaits regulatory approval from the Bank of England to
commence its operations.
The
round, led by Goldman Sachs and BNP Paribas, witnessed participation from financial
entities, including settlement houses DTCC and Euroclear, as well as Nomura and
WisdomTree. This funding will be instrumental in establishing a groundbreaking,
24/7 global liquidity management network for emerging tokenized asset markets
and wholesale financial markets.
Fnality,
backed by Nomura Group, seeks to tie up between traditional and digital
finance, aiming to update settlement processes, collateral management, and
payments for financial market transactions, reducing time and costs.
Goldman
Sachs’ Global Head of Digital Assets, Mathew McDermott, commended Fnality’s
application of blockchain technology, emphasizing its resilience in enabling
institutions to utilize central bank funds for various use cases. These include
cross-border payments, collateral mobility, and secure transactions.
Rhomaios Ram, CEO of Fnality International, Source: LinkedIn
In
addition to new backers like Goldman Sachs and
BNP Paribas, Fnality received additional investments from initial round
supporters Banco Santander, BNY Mellon, Barclays, CIBC, Commerzbank, ING,
Lloyds Banking Group, Nasdaq Ventures, State Street, Sumitomo Mitsui Banking
Corporation, and UBS.
This
funding round brings Fnality’s total capital raised to £132.7 million. The
company aims to launch its initial Sterling Fnality Payment System operations
in 2023, subject to regulatory approval.
The
Bank of England’s approval in 2021 for a new type of account at the central
bank has allowed for a broader range of anticipated payment systems,
particularly those based on blockchain or distributed ledger technology, which
forms the foundation of cryptocurrencies.
Rhomaios
Ram, CEO of Fnality International, comments: “Our Series B funding
round represents the financial sector’s desire for a central bank money backed
blockchain-based settlement solution that bridges the gap between traditional
finance and decentralised finance in wholesale markets.”
We’re so excited about our second round of funding, securing the backing of @GoldmanSachs, @BNPParibas, @The_DTCC and many more to continue developing the first 24/7 global payments and liquidity management ecosystem for wholesale finance.#Fnality #SeriesB
— Fnality International (@fnality) November 14, 2023
Modern
Treasury and Goldman Sachs Join Forces
In
an earlier report, Finance Magnates
reported that Modern
Treasury had revealed its partnership with Goldman Sachs Transaction Banking.
The collaboration aimed to expedite the adoption of embedded payments, a trend
gaining traction in the financial industry.
Modern
Treasury emphasized the popularity of embedded payments, highlighting that
nearly 70% of new clients in the international payment ecosystem are sourced
through software channels. The company underscored the demand for technology-driven solutions within
the banking sector.
Fnality,
a UK-based blockchain-powered wholesale payments firm, has raised £77.7 million in its second funding round, supported by major financial
institutions such as Goldman Sachs, BNP Paribas, and others. The funding round
comes as Fnality awaits regulatory approval from the Bank of England to
commence its operations.
The
round, led by Goldman Sachs and BNP Paribas, witnessed participation from financial
entities, including settlement houses DTCC and Euroclear, as well as Nomura and
WisdomTree. This funding will be instrumental in establishing a groundbreaking,
24/7 global liquidity management network for emerging tokenized asset markets
and wholesale financial markets.
Fnality,
backed by Nomura Group, seeks to tie up between traditional and digital
finance, aiming to update settlement processes, collateral management, and
payments for financial market transactions, reducing time and costs.
Goldman
Sachs’ Global Head of Digital Assets, Mathew McDermott, commended Fnality’s
application of blockchain technology, emphasizing its resilience in enabling
institutions to utilize central bank funds for various use cases. These include
cross-border payments, collateral mobility, and secure transactions.
Rhomaios Ram, CEO of Fnality International, Source: LinkedIn
In
addition to new backers like Goldman Sachs and
BNP Paribas, Fnality received additional investments from initial round
supporters Banco Santander, BNY Mellon, Barclays, CIBC, Commerzbank, ING,
Lloyds Banking Group, Nasdaq Ventures, State Street, Sumitomo Mitsui Banking
Corporation, and UBS.
This
funding round brings Fnality’s total capital raised to £132.7 million. The
company aims to launch its initial Sterling Fnality Payment System operations
in 2023, subject to regulatory approval.
The
Bank of England’s approval in 2021 for a new type of account at the central
bank has allowed for a broader range of anticipated payment systems,
particularly those based on blockchain or distributed ledger technology, which
forms the foundation of cryptocurrencies.
Rhomaios
Ram, CEO of Fnality International, comments: “Our Series B funding
round represents the financial sector’s desire for a central bank money backed
blockchain-based settlement solution that bridges the gap between traditional
finance and decentralised finance in wholesale markets.”
We’re so excited about our second round of funding, securing the backing of @GoldmanSachs, @BNPParibas, @The_DTCC and many more to continue developing the first 24/7 global payments and liquidity management ecosystem for wholesale finance.#Fnality #SeriesB
— Fnality International (@fnality) November 14, 2023
Modern
Treasury and Goldman Sachs Join Forces
In
an earlier report, Finance Magnates
reported that Modern
Treasury had revealed its partnership with Goldman Sachs Transaction Banking.
The collaboration aimed to expedite the adoption of embedded payments, a trend
gaining traction in the financial industry.
Modern
Treasury emphasized the popularity of embedded payments, highlighting that
nearly 70% of new clients in the international payment ecosystem are sourced
through software channels. The company underscored the demand for technology-driven solutions within
the banking sector.
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- Source: https://www.financemagnates.com//fintech/fnality-raises-777-million-in-funding-round-led-by-goldman-sachs/
