What Fnality International does

Fnality International is a London-based fintech founded in 2019 that operates a consortium-owned network of decentralized wholesale payment systems built on distributed ledger technology (DLT). The company's core product, the Sterling Fnality Payment System (£FnPS), launched in December 2023 as the world's first fully regulated DLT-based wholesale payment system and enables real-time atomic settlement of tokenized digital cash that is 1:1 backed by funds held at the Bank of England. The platform supports 24/7 availability, intraday liquidity optimisation, and interoperability with both legacy and DLT-based business applications for PvP and DvP settlement. The network is backed by 24 major global financial institutions that simultaneously serve as shareholders and participants, including Banco Santander, Barclays, BNP Paribas, Citi, Goldman Sachs, UBS, Bank of America, ING, DTCC, Euroclear, and Nasdaq.

The company monetizes through transaction and participation fees charged to financial institutions accessing its regulated settlement infrastructure, operating on a bespoke B2B contract model with pricing not publicly disclosed. Its go-to-market is an enterprise field-sales model targeting tier-1 banks and market infrastructure providers; live participants on the £FnPS as of 2025 are limited to Lloyds Banking Group, Banco Santander, and UBS. Additional currency payment systems for USD, EUR, JPY, and CAD are in development, positioning Fnality as a multi-currency, multi-jurisdiction settlement layer for tokenized wholesale finance.

Fnality has raised approximately $323M to date across multiple rounds, most recently a $136M Series C in September 2025 led by WisdomTree, Bank of America, and Citi with participation from Temasek and Tradeweb, alongside a prior $27M convertible loan note issued in 2024. The capital is funding geographic and currency expansion, including exploration of US regulatory approval for a Dollar Payment System, and a Mastercard pilot in partnership with Lloyds and UBS exploring digital currency settlement on the Mastercard Move commercial-payments rail.

Name

Fnality International

Legal name

Fnality International

Website

https://fnality.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

51–100 employees

Short description

Fnality International operates a consortium-owned, DLT-based wholesale payment network serving 24 major global financial institutions, enabling real-time atomic settlement of central-bank-backed tokenized cash across multiple currencies for interbank and tokenized asset markets.

Ownership category

akta.pro rank

Product category

Wholesale Payment Infrastructure

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Real-Time Payments Clearing (Instant Payment Schemes) (FSABAJAI)

akta.pro secondary industries

Payment Reconciliation, Reporting & Settlement Infrastructure (FSAGABAH), Payables & Disbursements (ACH/SEPA, wires, checks, virtual cards) (FSABAIAB)

Keywords

• Wholesale payment systems
• Distributed ledger infrastructure
• Tokenized cash settlement
• Central bank money on-chain
• Interbank settlement networks

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Wholesale Settlement Network Fees: Fnality charges financial institutions fees for access to and use of its regulated DLT-based wholesale payment systems. As a B2B infrastructure provider serving major banks, fees likely include participation fees, transaction fees, and possibly subscription-style access charges for network connectivity.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Fnality International operates a network of decentralized wholesale payment systems built on distributed ledger technology (DLT), settling tokenized digital cash 1:1 backed by funds held at central banks. The core product is the Sterling Fnality Payment System (£FnPS), launched in December 2023 as the world's first fully regulated DLT-based wholesale payment system, enabling real-time atomic PvP/DvP settlement, 24/7 availability, and intraday liquidity optimisation for participating banks and financial institutions.

Product overview

Fnality International operates a network of decentralized wholesale payment systems built on distributed ledger technology (DLT), designed for banks and financial institutions. The core product is the Sterling Fnality Payment System (£FnPS), the world's first fully regulated DLT-based wholesale payment system, which launched in December 2023. The portfolio also includes additional currency payment systems (USD, EUR, CAD, JPY) in development, and features such as the earmarking capability for tokenized payments. All products share core capabilities: 1:1 backing by central bank deposits, real-time atomic settlement, 24/7 availability, and seamless interoperability with legacy and DLT-based business applications.

Differentiator

Problem solved

Functional benefit

Brands

• Sterling Fnality Payment System (£FnPS): The first fully regulated, distributed ledger technology-based payment system in the world, enabling real-time wholesale payments in British Pounds.

Products and services

• Sterling Fnality Payment System (£FnPS) The first fully regulated, distributed ledger technology-based wholesale payment system in the world, enabling real-time atomic settlement of digital cash 1:1 backed by funds held at the Bank of England, with 24/7 availability and active intraday liquidity optimisation. Built for participating banks and financial institutions.
• US Dollar Payment System A regulated DLT-based wholesale payment system for US dollar settlements, currently in development, intended to enable 24/7 tokenized money settlement backed by deposits at the Federal Reserve for US financial institutions.

Quantifiable outcome

• First fully regulated DLT-based wholesale payment system in the world
• +2 more outcomes

Named customers4 records

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Two partnerships are on record, tiered strategic and supporting.

• MastercardstrategicTechnology or IntegrationMastercard completed a UK-based pilot with Fnality, Lloyds Banking Group, and UBS exploring digital currency settlement capabilities as part of Mastercard's Move Commercial Payments solution. This collaboration validates Fnality's infrastructure within the broader payments ecosystem.
• Banque de FrancesupportingOthersEuroclear's successful CBDC experiment with the Banque de France informed its strategic investment in Fnality. While not a direct Fnality partnership, it reflects the regulatory research ecosystem in which Fnality operates and which influenced major institutional backing.

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• HQLAx: HQLAx operates a DLT-based platform for collateral mobility and liquidity optimisation among major banks, addressing the same nostro/intraday liquidity problems that Fnality's wholesale payment system is designed to solve for institutional participants.
• R3 (Corda): R3's Corda enterprise DLT platform is used by major banks and FMI providers for interbank settlement, tokenization and capital markets workflows, making it a peer in the institutional DLT financial infrastructure category that Fnality occupies.
• Digital Asset (Canton Network): Digital Asset builds the Canton Network, a DLT-based financial market infrastructure for tokenized assets and atomic settlement across institutional participants, addressing the same wholesale settlement and DvP problems Fnality targets but with a different network architecture.
• Partior: Partior is a Singapore-headquartered DLT-based wholesale multi-currency settlement network backed by DBS, JPMorgan, Temasek and Standard Chartered, enabling atomic PvP and DvP across currencies on a shared ledger — the closest direct competitor to Fnality's tokenized central bank money concept.

Others

• Project Agorá (BIS Innovation Hub): Project Agorá is a BIS Innovation Hub initiative led by seven major central banks to build a unified cross-border tokenized settlement platform for central bank money; it is the most strategically relevant central-bank-led initiative addressing the same wholesale multi-currency DLT settlement use case Fnality is commercialising.

Emerging players

• Tassat (formerly Digital River Payments): Tassat provides a DLT-based real-time B2B and interbank payment platform for US banks, targeting the same regulated real-time wholesale settlement niche Fnality addresses but focused on the US market where Fnality's USD system is still in development.
• SETL: SETL is a DLT-based settlement infrastructure provider focused on post-trade and digital asset settlement for institutional markets, sharing Fnality's wholesale settlement and atomic DvP orientation at a smaller scale.

Broad incumbents

• CLS Bank: CLS Bank operates the incumbent multi-currency FX settlement infrastructure (CLSNet) used by major global banks for PvP FX settlement, representing the traditional wholesale cross-border settlement system that Fnality's multi-currency Payment Systems aim to complement or disintermediate on a DLT rail.
• Ripple (RLUSD / RippleNet): Ripple offers blockchain-based cross-border and wholesale payment infrastructure (including its RLUSD stablecoin and RippleNet), competing in the institutional cross-border settlement space where Fnality plans to expand via multi-currency Payment Systems.
• Visa B2B Connect: Visa B2B Connect is an established bank-led network for cross-border B2B payments built with major global banks, competing for the same wholesale, bank-to-bank payment flows that Fnality targets with its tokenized central bank money platform.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks2 records

Key highlights7 records

Customer concentration

• Xx.com/fnality
• LinkedInlinkedin.com/company/fnality

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds6 records

Investors27 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Fnality International