Fnality has raised $136 million in a Series C funding round. The round was led by WisdomTree, Bank of America, Citi, KBC Group, Temasek, and Tradeweb.

Tradeweb, a global operator of electronic marketplaces, played a notable role in the round alongside the other lead investors. Existing investors, including Banco Santander, Barclays, BNP Paribas, DTCC, Euroclear, Goldman Sachs, ING, Nasdaq Ventures, State Street, and UBS, also participated.

Wholesale Payment Systems

“Tradeweb’s ambition is to build a 24/7 global capital market ecosystem, and having wholesale payment rails integrated into existing workflows is an important step in that evolution,” Billy Hult, CEO at Tradeweb, commented.

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The company operates wholesale payment systems regulated by central banks. It is building a settlement network based on distributed ledger technology (DLT) to connect wholesale markets with tokenized institutional assets.

You may find it interesting at FinanceMagnates.com: Tradeweb Q1 Average Daily Volume Rises 33% to $2.5 Trillion, Lifting Revenue Nearly 25%.

“By enabling central bank-backed cash to move on-ledger any time, Fnality is unlocking the full potential of trading digital bonds and other tokenized securities – helping innovation in payments keep pace with innovation in the assets themselves,” Hult added.

Stablecoin and Tokenized Deposit Settlement Planned

Fnality launched the Sterling Fnality Payment System in the UK in December 2023. It plans to expand into other major currencies, provide liquidity management tools, and support settlement interoperability for instruments such as stablecoins and tokenized deposits.

DLT Systems Extend to FX and Repo

The company is also working on real-time settlement of tokenized securities through delivery-versus-payment, FX payment-versus-payment settlement, and repo transactions. These initiatives highlight the ongoing integration of regulated DLT-based systems into financial market infrastructures.

SEC Approves Tradeweb SEF for CDS

Meanwhile, the US Securities and Exchange Commission has approved Tradeweb Markets Inc.’s TW SEF LLC to register as a security-based swap execution facility under Regulation SE.

The designation allows TW SEF to facilitate institutional trading of single-name credit default swaps under updated SEC requirements. TW SEF currently accounts for 52% of SEF volume, with $150 trillion traded in 2024.

Tradeweb has offered electronic derivatives trading since 2005 and launched TW SEF in 2013 in response to U.S. regulatory changes.

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