Fnality Raises $136M to Build the Settlement Infrastructure for Tokenised Finance

September 10, 2025

Fnality International raised $136 million (£99.7 million) in a Series C funding round in September 2025, led by WisdomTree, Bank of America, Citi, KBC Group, Temasek, and Tradeweb. Existing investors including Banco Santander, Barclays, BNP Paribas, DTCC, Euroclear, Goldman Sachs, ING, Nasdaq Ventures, State Street, and UBS also participated. The capital will be used to expand Fnality's payment systems beyond sterling into US dollar and euro markets, pending approval from the Federal Reserve and European Central Bank, and to build out liquidity management solutions and settlement interoperability for tokenised assets, stablecoins, and tokenised deposits.

Wholesale financial markets have long suffered from structural inefficiencies: settlement cycles measured in days rather than seconds, credit and counterparty risk that accumulates in the gaps between trade and settlement, and fragmented infrastructure that makes cross-currency atomic transactions exceptionally difficult. These inefficiencies are tolerable when markets are liquid and familiar, but they become acute as institutional adoption of tokenised securities accelerates. The emerging world of on-chain bonds, tokenised funds, and digital cash instruments requires a settlement layer that operates 24/7, at central bank quality, and with genuine atomic finality. No such system existed at commercial scale until Fnality launched the Sterling Fnality Payment System in December 2023.

Fnality's approach is distinctive: rather than creating a private token or bridge currency as intermediary — as companies like Ripple or Stellar do — it conducts payments directly in digital representations of funds held at central banks. This eliminates the credit and settlement risk that other blockchain payment approaches retain. Its earmarking feature, developed with Santander, Lloyds, and UBS, lets institutions reserve funds for specific transactions with certainty that they cannot be used for anything else simultaneously. The system currently processes live sterling payments between institutional participants, and the Series C is intended to replicate this infrastructure for the dollar and euro, creating a multi-currency, 24/7, atomic settlement network across the world's three largest financial markets.

The breadth of the investor syndicate is itself significant. The combination of traditional banks (Bank of America, Citi, Goldman, Barclays, Santander), asset infrastructure providers (DTCC, Euroclear, Nasdaq, State Street), and market infrastructure firms (Tradeweb, WisdomTree) represents a who's who of the institutions that would directly benefit from — and likely integrate with — Fnality's network. The participation of Temasek, Singapore's sovereign wealth fund, adds a cross-border dimension that signals appetite to connect Fnality's European infrastructure into Asian markets. CEO Michelle Neal, who joined from the Federal Reserve Bank of New York in March 2025, brings credibility with US regulators at a critical moment in the company's international expansion.

Fnality was founded in 2019 by Rhomaios Ram, a former Deutsche Bank executive with deep experience in FX and transaction banking, who was drawn out of retirement to address what he saw as a structural flaw in global wholesale finance. The company's total funding now stands at approximately $230 million. The broader context is one of rapid institutionalisation of tokenised markets: HSBC, JP Morgan, and DBS Bank all announced tokenised deposit expansions in the same month as Fnality's raise, underscoring how quickly on-chain wholesale finance is moving from concept to infrastructure-grade reality.

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