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Fnality is moving fast. The blockchain settlement firm just stacked its leadership with three former central bankers — Jon Cunliffe, Jochen Metzger, and Ron Berndsen — as it pushes hard to build payment systems in euros and US dollars on top of its existing sterling operation.
Cunliffe, who served as deputy governor of the Bank of England, is now chair of Fnality’s UK board. Metzger, formerly a director general at the Deutsche Bundesbank, joined the supervisory board of Fnality’s European subsidiary and is expected to chair it. Berndsen, who previously worked at the Dutch central bank, also landed a seat on that same board. Three ex-central bankers in one announcement. That’s not subtle — it’s a deliberate signal to regulators on both sides of the Atlantic that Fnality wants to be taken seriously at the highest levels of financial infrastructure.
Not a startup play anymore.
Sterling First, Then Everything Else
Fnality’s sterling payment system launched in 2023 and runs under direct regulation from the Bank of England. It lets market participants settle transactions using central bank money balances — which is basically the safest settlement asset you can use. No commercial bank risk in the chain. That matters a lot when you’re talking about tokenized assets, where settlement failures could cascade fast.
Per Cunliffe’s remarks in the company’s announcement, Fnality’s blockchain settlement system is crucial for the tokenization of financial markets, ensuring settlements happen in the safest assets. He didn’t say much more than that publicly, but the framing is clear: this isn’t a crypto experiment. It’s infrastructure for institutional finance.
And the market for that infrastructure is growing. Banks are increasingly looking at stablecoins and tokenized deposits as operational tools, not just speculative assets. Fnality is positioning itself right in the middle of that shift.
The euro expansion runs through Eschborn, Germany, where Fnality has set up a subsidiary. That’s the hub for building a euro-denominated payment system aimed squarely at European financial institutions. Metzger’s Bundesbank background probably didn’t hurt when it came to choosing Germany as the base.
US Expansion Still in Regulatory Talks
Across the Atlantic, Fnality Bank U.S. is operating out of Stamford, Connecticut. The dollar payment system is still in development, and the company is in active discussions with American regulators. No timeline has been given for when that system goes live. Unclear whether those talks are close to producing results or still in early stages — Fnality didn’t specify.
Regulatory conversations in the US are notoriously slow for anything touching bank-level settlement infrastructure. So it’s probably going to take a while, even with experienced leadership pushing the process forward.
The funding picture is stronger than it was. In September 2025, Fnality closed a $136 million Series C round. The investor list is striking: Temasek, Euroclear, and Goldman Sachs all participated. That’s sovereign wealth, post-trade infrastructure, and one of the biggest investment banks in the world writing checks into the same company. It’s a pretty clear endorsement of the underlying thesis — that blockchain-based settlement for institutional markets is real and coming.
Why Central Bankers, Why Now
Bringing in ex-regulators isn’t just about governance optics. It’s strategic. Central banks don’t hand out settlement licenses or regulatory approvals easily, especially for systems that want to sit at the core of financial market infrastructure. Having people who spent careers inside those institutions — who know the frameworks, the concerns, the internal language — shortens the distance between Fnality’s ambitions and actual regulatory green lights.
Cunliffe in particular carries serious weight. His tenure at the Bank of England covered some of the most consequential years in global financial regulation. He knows what regulators worry about when they look at blockchain settlement: finality, liquidity risk, operational resilience. Fnality’s pitch is that it solves those problems by using central bank money rather than commercial bank money as the settlement asset. That’s a fundamentally different model from most crypto settlement plays.
Berndsen’s Dutch central bank background adds another layer of European credibility. And Metzger’s Bundesbank role means the European subsidiary isn’t going into German regulatory conversations cold.
The company is still building. Euro and dollar systems don’t have confirmed launch dates. The US regulatory process is ongoing. But the Series C capital, the board appointments, and the geographic footprint — UK already live, Germany subsidiary established, US entity registered in Connecticut — all point to a company that’s past the proof-of-concept stage and into the hard work of actual expansion.
Tokenized asset markets keep growing, and the settlement infrastructure underneath them has to keep pace. Fnality is betting it can be that infrastructure across three major currencies. Whether regulators in the US move fast enough to match that ambition is the open question.
The $136 million raised in September 2025 gives the company runway to find out.
Frequently Asked Questions
Who did Fnality appoint to its UK board?
Jon Cunliffe, former deputy governor of the Bank of England, was appointed to chair Fnality’s UK board.
How much did Fnality raise in its Series C round?
Fnality raised $136 million in a Series C funding round in September 2025, with Temasek, Euroclear, and Goldman Sachs among the investors.
Why It Matters
The addition of experienced former central bankers to Fnality's leadership underscores the increasing recognition of blockchain technology's potential in traditional finance, particularly in payment systems. Their expertise may enhance credibility and regulatory alignment as Fnality seeks to expand its operations in major currencies, which could potentially accelerate the adoption of digital currencies in mainstream financial transactions. This move also reflects a broader trend where central bank digital currencies (CBDCs) are gaining traction, potentially reshaping the landscape of global payments.
