Tokenised financial transfer service Fnality International, which was formed by the financial services firms behind the Utility Settlement Coin project, secured $63.2m.
Fnality International, the UK-based developer of a settlement and clearance facilitation platform, raised £50m ($63.2m) in series A funding from investors including stock exchange operator Nasdaq on Monday, Cointelegraph has reported.
Financial services firms Banco Santander, Barclays, Bank of New York Mellon, Canadian Imperial Bank of Commerce, Commerzbank, Credit Suisse, ING, KBC, Lloyds, MUFG Bank, Sumitomo Mitsui Banking Corporation, State Street Corporation and UBS also took part in the round.
Founded in April 2019, Fnality represents the commercialisation of the Utility Settlement Coin (USC) project, which was first proposed by UBS and blockchain technology researcher Clearmatics in 2015 to handle the clearing and settlement of digital currencies.
The company’s existence emerged last month when Reuters revealed a host of banks were involved in the research and development of USC. HSBC and Deutsche Bank were taking part at an earlier stage but chose not to invest in the business.
Fnality will…
Thierry Heles
Thierry Heles is the editor of Global University Venturing, host of the Beyond the Breakthrough interview podcast and responsible for the monthly GUV Gazette (sign up here for free).
