Fnality International Raises $95M in Series B Funding Led by Goldman Sachs and BNP Paribas

Blockchain-Based Payments Firm Awaits Bank of England Approval, Plans to Bridge Gap Between Mainstream and Digital Finance

Fnality International, a blockchain-based wholesale payments firm, has raised $95 million in a Series B funding round led by Goldman Sachs and BNP Paribas.
The UK-based firm, which aims to use blockchain technology to transfer cash between financial institutions, has now raised a total of about $163 million since its launch in 2019.
Other participants in the funding round include BNY Mellon, Barclays, Nasdaq Ventures, UBS, Banco Santander, DTCC, Euroclear, Nomura, and WisdomTree.
Fnality is building a private blockchain network, modeled after Ethereum, that allows banks to transfer money 24 hours a day. The network isn't live yet, but a full launch is imminent for the UK, followed by the US and beyond.
The firm is awaiting Bank of England approval to start operations and aims to bridge the gap between mainstream and digital finance to reduce the time and cost of settling, managing collateral and making payments for financial market transactions.