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Fnality

Category: AI in Fintech

Fnality provides a regulated network of decentralized Financial Market Infrastructures (dFMIs) built on Distributed Ledger Technology (DLT) to support wholesale payments and the settlement of tokenized assets. Fnality was founded in 2019. The company is led by Michelle Neal. Based in London, United Kingdom. Team size: 51-200. Total funding raised: Approximately $294 million. Latest round: Series C, $136.0M, 2025-09, led by WisdomTree, Bank of America, Citi, KBC Group, Temasek, Tradeweb. Key investors include Goldman Sachs, Bank of America, Citi, BNP Paribas, Temasek, WisdomTree, Euroclear, DTCC.

Founded
2019
Headquarters
London, United Kingdom
Team size
51-200
Total funding
Approximately $294 million

Value proposition

To provide a resilient and secure infrastructure for 24/7, real-time wholesale payments and atomic settlement (DvP) of tokenized assets, reducing settlement risk, optimizing liquidity, and enabling new digital business models through programmable money.

Products and solutions

Fnality Payment Systems (FnPS) for major currencies (GBP is live, with plans for USD, EUR, CAD, JPY), Digital representations of central bank money for settlement, Programmable money and conditional payment capabilities

Unique value

Fnality is unique for creating the first regulated, DLT-based wholesale payment system that uses a digital representation of funds held directly at a central bank. Its consortium model, comprising major global financial institutions, ensures industry-wide collaboration and adoption.

Target customer

Wholesale financial market participants, including large investment banks, asset managers, insurance companies, and other institutional financial entities.

Industries served

Financial Services, Capital Markets, Fintech

Technology advantage

The core advantage is its use of DLT to enable real-time, 24/7, and atomic settlement, which is a significant improvement over traditional batch-based systems. This reduces counterparty and settlement risk, improves liquidity management for participants, and allows for the development of innovative financial products through smart contracts and programmability.

How they differentiate

Fnality's primary differentiation lies in its use of Distributed Ledger Technology (DLT) to facilitate wholesale payments with funds held directly at a central bank, which they refer to as 'central bank money on-chain'. This approach aims to provide near-instant settlement, reduce counterparty and settlement risk, and lower costs compared to traditional systems. Their model is built on a network of regulated, interoperable, and currency-specific payment systems.

Main competitors

SWIFT, Baton Systems, Qredo

Key partnerships

Bank of America, BNP Paribas, BNY Mellon, Barclays, CIBC, Citi, Commerzbank, Credit Suisse, Euroclear, Goldman Sachs, ING, KBC Group, Lloyds Banking Group, Mizuho Financial Group, MUFG Bank, Nasdaq, Nomura, Santander, Sumitomo Mitsui Banking Corporation, State Street Corporation, Temasek, Tradeweb, UBS, WisdomTree, DTCC (Depository Trust & Clearing Corporation), Ownera

Notable customers

Major financial institutions that are equity investors and participants in Fnality Payment Systems, including Goldman Sachs, UBS, and Barclays

Major milestones

Successfully launched the Sterling Fnality Payment System (£FnPS), the world's first fully regulated, DLT-based wholesale payment system using central bank money., The Sterling Fnality Payment System was recognized by the Bank of England as a systemically important payment system., Completed a $136 million Series C funding round to fuel global expansion., Established a strong consortium of shareholders composed of major global financial institutions., Partnered with Ownera to enhance interoperability between Fnality's payment systems and the broader digital asset ecosystem.

Growth metrics

Specific growth metrics such as revenue or transaction volumes are not publicly disclosed.

Market positioning

Fnality is positioning itself as a next-generation financial market infrastructure provider, aiming to disrupt the traditional wholesale payment and settlement landscape. They are not just an alternative to existing systems like SWIFT, but also a foundational layer for the emerging tokenized asset markets and decentralized finance (DeFi), bridging the gap between traditional and digital finance.

Geographic focus

Fnality's initial focus has been on the United Kingdom with the launch of its Sterling payment system. However, the company has a clear global expansion strategy, with plans to establish similar payment systems in other major currency jurisdictions, including the United States (USD), Europe (EUR), Canada (CAD), and Japan (JPY) to create a global network.

Patents and IP

Information not publicly available.

About Michelle Neal

Michelle Neal has over 20 years of leadership experience in financial services. Before joining Fnality, she was the Executive Vice President and Head of the Markets Group at the Federal Reserve Bank of New York. She has also held senior positions at BNY Mellon, Deutsche Bank, Nomura, and the Royal Bank of Canada.

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