Fnality Secures $136M In Series C To Build The Next-Gen Global Settlement Network

London, 24 September 2025 — Fnality, a fintech infrastructure firm focused on wholesale payments, today announced it has raised $136 million (≈ £99.7 million) in a Series C round, with backing from leading global banks and asset managers.

This funding marks a pivotal milestone for Fnality’s ambition to build a regulated, distributed-ledger (DLT) settlement backbone that links legacy finance (TradFi) and tokenized / digital markets.

Company Profile & Mission

Fnality International (commonly referred to as “Fnality”) is a London-based fintech / market infrastructure firm. Its mission: to create regulated wholesale payment systems based on DLT, where “on-chain money” is fully backed by central bank reserves.

Key features of Fnality’s design include:

Real-time atomic settlement — instant finality for trades (e.g. delivery-versus-payment)
24/7 availability — continuous operation outside normal banking hours
Liquidity optimization & risk reduction — better use of intraday liquidity, fewer intermediaries
Interoperability — ability to integrate with legacy systems or other DLT solutions
Use of “earmarking” — tagging funds for conditional use (so funds reserved for specific purposes can’t be misapplied)

The first live deployment is the Sterling Fnality Payment System (denoted £FnPS), launched in December 2023 in the U.K. This was the world’s first regulated DLT wholesale payment rail backed by central bank funds.

Fnality’s vision is to extend this model to multiple currencies (USD, EUR, etc.), enabling cross-currency, real-time settlement for institutional actors in tokenized and traditional markets.

Leadership & Key Personnel

Michelle Neal, CEO (since March 2025) — previously held senior roles at the Federal Reserve Bank of New York, BNY Mellon, Deutsche Bank, Nomura, etc.
Rhomaios Ram, Founder / former CEO, now strategic advisor — a veteran in FX and transaction banking.

Fnality is relatively lean in headcount (circa 100 employees across UK & US offices, as of 2025) but built around deep industry, banking, regulatory, and technical talent.

Investment & Funding History

A concise timeline and summary:

Year	Round	Amount / Currency	Lead / Notables	Purpose / Notes
2019	Series A	£55 million (~US $68M)	Initial institutional banking investors	Seed capital to begin building infrastructure and engage regulators.
2023 (Nov)	Series B	£77.7 million (~US $95–100M)	Led by Goldman Sachs & BNP Paribas; participation by DTCC, Euroclear, Nomura and others	Allowed expansion and deployment of £FnPS and proof-of-concept use cases.
2025 (Sep)	Series C	$136 million (~£99.7M)	Led by WisdomTree, Bank of America, Citi, KBC, Temasek, Tradeweb. Existing investors participated (Goldman Sachs, UBS, Barclays, BNP Paribas, etc.)	To accelerate multi-currency rollout, enhance liquidity tools, expand ecosystem.

Total capital raised to date is over £132.7 million (≈ US $160M+) after Series B.

Some third-party data sources also list $308 million total (though that likely includes projected future rounds or aggregated expectations) — but publicly confirmed is the Series C figure of $136M.

Investors & Backers

Fnality enjoys backing from a wide and heavyweight set of financial institutions and market infrastructure players, which not only provides capital but also domain credibility, market access, and channels for adoption.

Lead / New Investors (Series C)

WisdomTree — digital asset and tokenization innovator
Bank of America
Citi
KBC Group
Temasek
Tradeweb

Existing / Legacy Investors (joined in Series C as well)

Goldman Sachs
BNP Paribas
Barclays
UBS, ING, Euroclear, DTCC, State Street, Banco Santander and other global institutions

This roster gives Fnality strong alignment with the institutions whose infrastructure it seeks to modernize or connect to.

Products, Services & Use Cases

Fnality’s offerings are more infrastructural/platform-level rather than end-user apps. Some key components include:

Fnality Payment Systems (FnPS)

These are regulated DLT-backed wholesale payment rails in a given currency jurisdiction (e.g. sterling). Each FnPS is intended to be supervised by the relevant central bank or regulators, with funds held 1:1 in central bank reserves (or equivalent) — giving them the credit quality of central bank money.

Within an FnPS:

Settlement of tokenized securities (DvP, delivery-versus-payment)
FX payment-versus-payment (PvP)
Real-time repo and collateral transactions
Intraday, conditional settlement (via earmarking)
Liquidity optimization / intraday funds management

One near-term extension is enabling intraday settlement for sterling repo trades (which historically settle over a day or more). Fnality, jointly with HQLAX, applied to the Bank of England for authorization to operate intraday repo settlement.

Ecosystem & Interoperability

Fnality aims to interoperate with:

Legacy banking and settlement systems (e.g. SWIFT, clearinghouses)
Other DLT or blockchain platforms
Tokenized assets infrastructure (stablecoins, tokenized securities, real-world assets)
Market infrastructure operators (exchanges, custodians, depositories)

By doing so, Fnality seeks to serve as the “settlement plumbing” underpinning the next generation of institutional finance and tokenized markets.

Market Opportunity & Positioning

Fnality situates itself at a confluence of several macro trends:

Tokenization of real-world assets (RWA) — as bonds, equity, and alternative assets move onto chains, there is demand for institutional-grade settlement rails.
Demand for faster settlement — legacy systems often take T+1 or more; Fnality enables real-time or near-real-time finality.
Cross-border and cross-currency flows — bridging multiple FnPS rails promises frictionless FX and global payments.
Institutional comfort in regulated environments — Fnality’s model is carefully designed to sit inside regulated finance, unlike some purely crypto-native rails.
Liquidity & capital optimization — reducing idle capital, netting, intraday reuse of liquidity.

However, barriers remain: regulatory approvals in each jurisdiction, adoption inertia among incumbents, competition from existing payment systems or central bank digital currencies (CBDCs), and operational/security scaling.

Why the $136M Raise Matters

Provides the capital to scale operations, hire talent, expand engineering, and accelerate deployment in USD, EUR, and other markets.
Signals strong institutional confidence, given participation of large banks and asset managers.
Enables deeper product enhancements — e.g. liquidity tools, orchestration layers, conditional settlement features.
Helps with regulatory outreach and market credibility — large backers bring influence and legitimacy to Fnality’s expansion efforts.

FAQs — Common Questions About Fnality & Its Raise

What exactly is Fnality building — is it a cryptocurrency?

No — Fnality is building regulated payment systems on distributed ledger technology. The “money” in Fnality is backed 1:1 by real central bank funds, not speculative tokens.

Why is Fnality’s model different from other blockchain payments or stablecoins?

Most blockchain payment systems rely on commercial bank money, stablecoins, or intermediary tokens, each carrying credit risk. Fnality uses central bank–level backing and regulatory design, aiming to minimize counterparty and settlement risk.

What is “earmarking” and why is it useful?

Earmarking is a programmable mechanism where funds are reserved for a specific purpose and cannot be deviated. It supports conditional workflows (e.g. releasing funds only after a trade’s conditions are met).

When will Fnality expand beyond sterling?

Fnality has stated plans to deploy USD, EUR and possibly other FnPS rails, subject to regulatory approval in those jurisdictions.

Who are likely clients / participants?

Major banks, clearinghouses, exchanges, custodians, token issuers, institutional investors, and trading platforms. Any entity engaging in large wholesale flows, securities settlement, repo, FX, or tokenized asset settlement.

What are the biggest challenges / risks?

Regulatory uncertainty & jurisdictional approval regimes; integration with legacy systems; adoption hurdles from incumbents; scaling security, throughput, resilience; competition from CBDCs or bank-led digital rails.

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Fnality Secures $136M in Series C to Build the Next-Gen Global Settlement Network