Fnality Raises $136 million (£99.7 million) in Series C Funding
- Lead investors include WisdomTree, Bank of America, Citi, KBC Group, Temasek and Tradeweb.
- Existing investors Banco Santander, Barclays, BNP Paribas, DTCC, Euroclear, Goldman Sachs, ING, Nasdaq Ventures, State Street and UBS also participated in the investment round.
London, 23 September 2025. Fnality, the operator of next generation wholesale payment systems regulated by central banks, today announced that it has raised $136 million (£99.7 million) in a Series C funding round led by WisdomTree, Bank of America, Citi, KBC Group, Temasek and Tradeweb. The lead investors were joined by existing investors Banco Santander, Barclays, BNP Paribas, DTCC, Euroclear, Goldman Sachs, ING, Nasdaq Ventures, State Street and UBS.
This latest capital raise represents a significant milestone for Fnality and its mission to build a new global settlement network, enabled by distributed ledger technology (DLT), that bridges today’s wholesale markets with the emerging world of institutional tokenized assets. Following the launch of the Sterling Fnality Payment System in the UK in December 2023, the ongoing strategic initiatives of Fnality include extending the network’s footprint to other major currencies, delivering solutions that optimize liquidity management, and facilitating the emerging payment ecosystem by providing settlement interoperability for innovations such as stablecoins and tokenized deposits.
Fnality is uniquely positioned to become a foundational element of a new global settlement layer, in collaboration with other market infrastructures across the emerging digital assets landscape. Together with the industry, Fnality is driving forward powerful solutions — from real-time settlement of tokenized securities through secure delivery-versus-payment (DvP) using its earmarking feature, to on-demand FX payment-versus-payment settlement via the Sterling Fnality Payment System (£FnPS), and real-time repo transactions. Each example highlights how regulated DLT-enabled payments are reshaping traditional financial market infrastructures, accelerating the evolution toward more integrated, liquid, and resilient capital markets.
Michelle Neal, CEO of Fnality International, comments: “The closing of our Series C reflects a shared conviction that the future of money demands a new foundation, one with Fnality at its core. Our blockchain-based settlement systems, anchored in the credit quality of central bank money, connect traditional finance with the fast adoption of tokenized and decentralized markets. With 24/7 payment rails, real-time settlement, and enhanced liquidity management, we’re not just modernizing wholesale payments, we’re building a future that fuses Decentralized Finance’s operational optimization with Traditional Finance’s capital efficiency. This investment accelerates our journey toward a financial market infrastructure that is more resilient, more inclusive, and ready for the hybrid future of global finance.”
Jonathan Steinberg, CEO and Founder at WisdomTree, comments: “Our investment in Fnality reflects our ambition to plug directly into the rapidly growing tokenized markets. At WisdomTree, we have been pioneers in blockchain-based finance with the launch of WisdomTree Prime® and WisdomTree ConnectTM, bringing ETFs, U.S. Treasuries, gold, and dollar tokens onto blockchain rails to enable 24/7 settlement and programmable finance. We see Fnality’s blockchain-based settlement systems, anchored in reserves held in central banks, as a critical foundation for this vision and the future infrastructure of financial services.”
Jim DeMare, Co-President of Bank of America, comments: “This partnership is an important milestone in the digitization of institutional markets. By embracing new technological solutions, we can modernize the market structure and build a foundation for institutions to operate with greater speed and efficiency. We are excited to play a role in delivering meaningful innovation to the financial ecosystem.”
Deepak Mehra, Head of Digital Strategy, Citi Markets, comments: “Fnality’s work in wholesale payments aligns with Citi’s ongoing commitment to delivering innovative solutions for the digital asset landscape. Their regulated DLT-based approach offers a compelling pathway for more efficient and resilient financial market infrastructure. We are pleased to support Fnality’s efforts in developing interoperable payment systems that can contribute to the evolution of tokenized markets.”
Erik Luts, Executive Director & Chief Innovation Officer KBC Group, comments: “KBC Group is pleased to renew its investment in Fnality, reflecting our belief in the long-term potential of regulated digital payment systems. KBC Group’s strategic vision is centered on enabling the future of finance through trusted innovation, and Fnality’s work is a natural fit with our ambition to support technologies that deliver real-world impact and long-term resilience for financial markets. We’re investing in a future where interoperability, speed, and security are not trade-offs but standard features. Fnality’s platform is a blueprint for how financial institutions can work together to deliver better outcomes.”
Billy Hult, CEO at Tradeweb, comments: “Tradeweb’s ambition is to build a 24/7 global capital market ecosystem, and having wholesale payment rails integrated into existing workflows is an important step in that evolution. By enabling central bank-backed cash to move on-ledger any time, Fnality is unlocking the full potential of trading digital bonds and other tokenized securities — helping innovation in payments keep pace with innovation in the assets themselves.”
Broadhaven acted as financial advisor to the round, and Sullivan & Cromwell acted as legal counsel.
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Media contact
The PHA Group – fnality@thephagroup.com
About Fnality
Fnality is developing a global network of regulated DLT-based wholesale payment systems. Each system, known as a Fnality Payment System (FnPS), is supervised by its respective central bank. Within a FnPS, participants utilize a representation of funds held at the central bank for instant wholesale payments.
The launch of FnPSs in key jurisdictions will enable real-time cross-currency payments and the secure atomic settlement of any delivery versus payment transactions around the clock. The credit quality of the central bank funds underpinning Fnality Payment Systems provides the missing ingredient for novel digital asset markets: institutional-grade digital cash.
In December 2023, the Sterling FnPS, previously recognized by HM Treasury as a systemically important payment system, commenced controlled live payments. Joining a handful of other regulated payment systems in the UK, it became the world’s first regulated DLT-based wholesale payment system, settling in a digital representation of funds held at the central bank. From December 2024, the £FnPS has been granted settlement finality designation.
Fnality’s shareholders comprise: Banco Santander, Bank of America, BNY Mellon, Barclays, BNP Paribas, CIBC, Citi Group, Commerzbank, DTCC, Euroclear, Goldman Sachs, ING, KBC Group, Lloyds Banking Group, Mizuho Financial Group, MUFG Bank, Nasdaq Ventures, Nomura, Sumitomo Mitsui Banking Corporation, State Street Corporation, Temasek, Tradeweb, UBS and WisdomTree.
For more information, please visit fnality.com
About WisdomTree
WisdomTree, Inc. (NYSE: WT) is a global financial innovator, offering a diverse suite of exchange-traded products (ETPs), models and solutions, as well as digital asset-related products. Our offerings empower investors to shape their financial future and equip financial professionals to grow their businesses. Leveraging the latest financial infrastructure, we create products that emphasize access, transparency and provide an enhanced user experience. Building on our heritage of innovation, we offer next-generation digital products and services related to tokenized real world assets and stablecoins, as well as our blockchain-native digital wallet, WisdomTree Prime®, and institutional platform, WisdomTree Connect™.
About Bank of America
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 69 million consumer and small business clients with approximately 3,700 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 59 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange (NYSE: BAC).
About Citi
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 180 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.
Additional information may be found at www.citigroup.com | X: @Citi | LinkedIn: www.linkedin.com/company/citi | YouTube: www.youtube.com/citi | Facebook: www.facebook.com/citi
About at KBC Group
KBC is one of the leading financial groups in Europe. It is an integrated bank-insurance group catering mainly for retail and private banking, SMEs and midcap clients. Its core markets are Belgium, Czech Republic, Bulgaria, Hungary and Slovakia. The KBC group has also selectively established a presence in a number of other countries and regions around the world.
KBC Group employs around 40 000 staff and caters for about 13 million clients in its core markets. KBC Group NV is listed on Euronext Brussels (ticker symbol ‘KBC’).
About Temasek
Temasek is a global investment company headquartered in Singapore, with a net portfolio value of S$434 billion (US$324b, €299b, £250b, RMB2.35t) as of 31 March 2025. Its Purpose “So Every Generation Prospers” guides it to make a difference for todays and future generations. Temasek seeks to build a resilient and forward-looking portfolio that will deliver sustainable returns over the long term.
It has 13 offices in 9 countries around the world: Beijing, Hanoi, Mumbai, Shanghai, Shenzhen, and Singapore in Asia; and Brussels, London, Mexico City, New York, Paris, San Francisco, and Washington, DC outside Asia.
About Tradeweb Markets
Tradeweb Markets Inc. (Nasdaq: TW) is a leading, global operator of electronic marketplaces for rates, credit, equities and money markets. Founded in 1996, Tradeweb provides access to markets, data and analytics, electronic trading, straight-through-processing and reporting for more than 50 products to clients in the institutional, wholesale, retail and corporates markets. Advanced technologies developed by Tradeweb enhance price discovery, order execution and trade workflows while allowing for greater scale and helping to reduce risks in client trading operations. Tradeweb serves more than 3,000 clients in more than 85 countries. On average, Tradeweb facilitated more than $2.4 trillion in notional value traded per day over the past four fiscal quarters.
For more information, please go to www.tradeweb.com