Sumitomo Mitsui Banking Corporation is a global commercial lender holding over $2trn in assets and focusing on digital innovation and lending solutions.
The Series B round will help fund the deployment of the company's tokenised cash innovation and global liquidity management ecosystem.
"Our Series B funding round represents the financial sector’s desire for a central bank money backed blockchain-based settlement solution that bridges the gap between traditional finance (TradFi) and decentralised finance (DeFi) in wholesale markets. Each Fnality Payment System utilises DLT to provide a 24/7 payment rail with the ability to reduce settlement cycles to real-time, while significantly improving intraday liquidity management and marking significant innovation in the speed, functionality, and resilience of wholesale payments."
Sumitomo Mitsui Banking Corporation has invested £22.4m in OakNorth through a secondary share purchase.
"SMBC continues to transform itself to adopt to changes in society and the economy. This partnership and investment is a clear demonstration of SMBC’s commitment to define the commercial banking model of the future and become the leading choice for businesses around the globe. Like us, SMBC wishes to create a better borrowing experience for businesses."
