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- Fnality has raised £77.7 million ($95 million) in its Series B financing round, according to Bloomberg.
- It seeks to provide a new payment system that facilitates a tokenized, peer-to-peer market.
- The firm is waiting for the Bank of England’s go-ahead to begin its operations.
Fnality International, a blockchain-based wholesale payment system headquartered in London, has raised £77.7 million ($95 million) in its Series B financing round, according to Bloomberg. The funding phase was reportedly spearheaded by blue-chip financial firms Goldman Sachs and BNP Paribas.
According to a statement by Fnality CEO Rhomaios Ram, the funding includes other prominent financial institutions such as Depository Trust & Clearing Corporation, Wisdom Tree Inc., Nomura Holdings Inc., and Euroclear.
Though under development, this firm seeks to provide a new payment system that converges traditional and digital finance by facilitating a tokenized, peer-to-peer market. Concurrently, Ram said in a statement:
It was not easy to get this round closed, but the fact they [the investors] put money is pretty significant…It feels like there are small pockets of optimism emerging and this is an indication of that.
In February 2022, the banking consortium executed a proof-of-concept for issuing a tokenized security on Ethereum, with Fnality handling the payment part of the process. In August of the same year, the HM Treasury designated Fnality as a regulated payment system.
Fnality’s research phase was completed in June 2019, raising over £55 million ($63 million) from investors like UBS Group, Banco Santander, Barclays Plc., BNY Mellon, CIBC, Commerzbank, ING, Sumitomo Mitsui Banking Corporation, State Street, Lloyds Banking Group, and Nasdaq Ventures.
The firm is preparing for the launch of the Sterling Fnality Payment System by the end of the year. It presently awaits the Bank of England’s approval to start operations.
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