Blockchain Payment Firm Fnality Raised $95M, Led by Goldman Sachs and BNP Paribas

Reported by Reuters, Fnality, a blockchain-based wholesale payments firm, has raised $95 million in Series B funding led by Goldman Sachs and BNP Paribas.

The new funding will be used for setting up a "world-first" round-the-clock global liquidity management network for new digital payment models in both wholesale financial markets and emerging tokenised asset markets.

"Fnality’s application of blockchain technology offers a resilient way for institutions to use central bank funds across a wide set of potential use cases, including instantaneous, cross-border, cross-currency payments, collateral mobility and security transactions," said Mathew McDermott, Goldman's global head of digital assets.

There was also additional investment from initial round backers Banco Santander, BNY Mellon, Barclays, CIBC, Commerzbank, ING, Lloyds Banking Group, Nasdaq Ventures, State Street, Sumitomo Mitsui Banking Corporation, and UBS.

Finality raised 55 million pounds in its first whip round in June 2019.

"The culmination of this latest round brings Fnality's total capital raised to 132.7 million pounds as it readies for the commencement of initial Sterling Fnality Payment System operations in 2023, subject to regulatory approval," the company said in a statement.