Fnality International: Comprehensive Company Profile

Background

Overview

Fnality International is a pioneering fintech company established in 2019, headquartered in London, UK. The company is dedicated to developing a global network of regulated wholesale payment systems based on Distributed Ledger Technology (DLT). These systems, known as Fnality Payment Systems (FnPS), aim to provide real-time, secure, and efficient settlement solutions for wholesale financial markets, bridging traditional finance with the emerging world of tokenized assets.

Mission and Vision

Fnality's mission is to modernize wholesale financial markets by creating a decentralized financial market infrastructure that enables seamless, 24/7 settlement of transactions. The vision is to establish a global, interconnected ecosystem that offers instant, secure, and efficient exchange of value for banks and businesses, thereby enhancing liquidity management and financial stability.

Primary Area of Focus

The company's primary focus is on developing and scaling innovative payment systems across various jurisdictions, utilizing DLT to facilitate real-time, peer-to-peer transactions. This includes the creation of digital representations of central bank funds to underpin these payment systems, ensuring credit quality and finality.

Industry Significance

Fnality holds a significant position in the fintech industry by addressing longstanding inefficiencies in wholesale payments. Its solutions aim to reduce counterparty, credit, and systemic risks, thereby enhancing liquidity management and financial stability. The company's work is pivotal in the evolution of digital asset markets, providing institutional-grade digital cash that supports the growth of tokenized assets.

Key Strategic Focus

Core Objectives

Develop a global network of regulated DLT-based wholesale payment systems.

Facilitate real-time, secure, and efficient settlement of transactions.

Bridge traditional finance with the emerging world of tokenized assets.

Enhance liquidity management and financial stability in wholesale markets.

Specific Areas of Specialization

Wholesale payment systems based on DLT.

Real-time settlement solutions for financial institutions.

Integration of digital representations of central bank funds.

Development of interoperable payment systems across multiple currencies.

Key Technologies Utilized

Distributed Ledger Technology (DLT) for secure and transparent transaction processing.

Blockchain protocols, particularly those based on the Ethereum protocol.

Smart contracts and programmable money features like "earmarking" for conditional payments.

Primary Markets or Conditions Targeted

Wholesale financial markets seeking efficient and secure payment solutions.

Financial institutions requiring real-time settlement capabilities.

Markets transitioning towards tokenized assets and digital currencies.

Jurisdictions exploring the integration of DLT in financial infrastructure.

Financials and Funding

Funding History

Fnality has successfully secured substantial funding through multiple investment rounds:

Series A (2019): Raised £55 million (~$68 million) to initiate infrastructure development and engage with regulators.

Series B (2023): Secured £77.7 million (~$95–100 million), led by Goldman Sachs and BNP Paribas, to expand operations and deploy the Sterling Fnality Payment System.

Series C (September 2025): Raised $136 million (~£99.7 million), led by WisdomTree, Bank of America, Citi, KBC Group, Temasek, and Tradeweb, with participation from existing investors, to accelerate multi-currency rollout and enhance liquidity tools.

Total Funds Raised

As of November 2025, Fnality has raised over £132.7 million (~$160 million) in total funding.

Notable Investors

WisdomTree

Bank of America

Citi

KBC Group

Temasek

Tradeweb

Goldman Sachs

BNP Paribas

Barclays

Nasdaq Ventures

State Street

Banco Santander

Intended Utilization of Capital

The capital raised is allocated towards:

Expanding the network of Fnality Payment Systems to additional major currencies.

Enhancing liquidity management tools and features.

Developing solutions for the settlement of tokenized securities and stablecoins.

Strengthening regulatory compliance and operational infrastructure.

Pipeline Development

Key Pipeline Candidates

Sterling Fnality Payment System (£FnPS): Launched in December 2023, it became the world's first regulated DLT-based wholesale payment system, settling in a digital representation of funds held at the Bank of England.

USD Fnality Payment System: Under development, with plans for deployment in the U.S. market, subject to regulatory approval.

EUR Fnality Payment System: In progress, aiming to provide real-time settlement solutions for the Eurozone.

Stages of Clinical Trials or Product Development

£FnPS: Operational since December 2023, with settlement finality designation granted in December 2024.

USD and EUR FnPS: In the development phase, with anticipated deployment in the coming years, pending regulatory approvals.

Target Conditions

Wholesale payment systems for major currencies.

Real-time settlement solutions for financial institutions.

Infrastructure for the settlement of tokenized assets and digital currencies.

Relevant Timelines for Anticipated Milestones

December 2023: Launch of £FnPS.

December 2024: Granting of settlement finality designation for £FnPS.

2025–2026: Deployment of USD and EUR FnPS, subject to regulatory approvals.

Technological Platform and Innovation

Proprietary Technologies

Fnality Payment Systems (FnPS): A network of regulated DLT-based wholesale payment systems.

Earmarking Feature: Allows for programmable and conditional payments within the payment system.

Significant Scientific Methods

Distributed Ledger Technology (DLT): Ensures secure, transparent, and efficient transaction processing.

Blockchain Protocols: Utilizes Ethereum-based protocols for transaction validation and security.

Smart Contracts: Facilitates automated and conditional transactions within the payment system.

Leadership Team

Michelle Neal – CEO

Professional Background: Former CEO of Fnality International, with prior experience at the Federal Reserve Bank of New York, BNY Mellon, Deutsche Bank, and Nomura.

Key Contributions: Led the strategic direction and operational execution of Fnality, overseeing the launch of the £FnPS and expansion into new markets.

Rhomaios Ram – Founder and Strategic Advisor

Professional Background: Founder of Fnality International, with extensive experience in FX and transaction banking.

Key Contributions: Instrumental in establishing Fnality's vision and initial development, now serving as a strategic advisor.

Competitor Profile

Market Insights and Dynamics

Market Size and Growth Potential: The global wholesale payment market is substantial, with increasing demand for real-time, secure, and efficient settlement solutions.

Industry Trends: Growing adoption of DLT and blockchain technologies in financial infrastructure, and the rise of tokenized assets and digital currencies.

Competitor Analysis

Traditional Payment Systems: Established systems like CHAPS and SWIFT, which are heavily used and regulated, creating significant barriers to entry.

Fintech Firms: Companies like Ripple and R3, developing similar DLT-based payment solutions.

Central Bank Digital Currencies (CBDCs): Emerging digital currencies issued by central banks, potentially competing with Fnality's offerings.

Strategic Collaborations and Partnerships

Bank of America, Citi, KBC Group, Temasek, and Tradeweb: Lead investors in the Series C funding round, providing capital and strategic support.

Goldman Sachs and BNP Paribas: Led the Series B funding round, contributing to the expansion and deployment of the £FnPS.

DTCC and Euroclear: Collaborations to integrate Fnality's payment systems with existing market infrastructures.

Operational Insights

Strategic Considerations: Navigating regulatory approvals in multiple jurisdictions, integrating with existing financial systems, and addressing competition from established payment systems and emerging CBDCs.

Competitive Advantages: Strong backing from major financial institutions, innovative use of DLT for real-time settlement, and a focus on regulatory compliance and interoperability.

Strategic Opportunities and Future Directions

Expansion into Additional Currencies: Developing Fnality Payment Systems for USD, EUR, and other major currencies to facilitate global real-time settlement.