Fnality International focuses on enabling a seamless global liquidity management ecosystem and empowering new digital payment models for transactions in wholesale financial markets and emerging tokenised asset markets.

Jan Schoombee

Fnality International

Deutsche Börse AG operates as an exchange organization in Europe, the United States, and the Asia-Pacific. The company operates through seven segments: Eurex (Financial Derivatives), EEX (Commodities), 360T (Foreign Exchange), Xetra (Cash Equities), Clearstream (Post-Trading), IFS (Investment Fund Services), and Qontigo (index and analytics business). The company engages in the electronic trading of derivatives, electricity and gas products, emission rights, and foreign exchange; operating of Eurex Repo over the counter (OTC) trading platform and electronic clearing architecture; and operating as a central counterparty for on-and-off exchange derivatives, repo transactions, and OTC and exchange-traded derivatives. It also operates in the cash market through Xetra, Börse Frankfurt, and Tradegate trading venues; operates as a central counterparty for equities and bonds; and provides listing services. In addition, the company offers custody and settlement services for securities; investment fund services; global securities financing services; and collateral management, as well as secured money, market transaction, and repos and securities lending transaction services. Further, it develops and markets indices, as well as portfolio management and risk analysis software; markets licenses for trading and market signals; provides technology and reporting solutions for external customers; and offers link-up of trading participants. Deutsche Börse AG was founded in 1585 and is headquartered in Eschborn, Germany.

Deutsche Börse AG

Euroclear provides post-trade services for financial institutions, including settlement, safekeeping, and asset servicing of domestic and cross-border securities transactions.

Euroclear

Router Protocol is a pioneering cross-chain solution that enables secure and efficient communication between blockchain networks. The L1 Router Chain uses Tendermint’s BFT consensus to address interoperability challenges while enhancing security and scalability through decentralisation. The Chain enables cross-chain meta transactions, stateful bridging, transaction batching, and batch atomicity, providing a modular framework for building cross-chain dApps in web3.

Shubham Singh

Chandan Choudhury

Router Protocol

The future is accelerating fast. Digital transformation is changing our lives, work and business. While other sectors are evolving, financial markets are slow, fragmented and siloed. What the world needs is a future-facing financial system that can not only cope with this rapid pace of change, but also shape it. 

At Fnality, we have been speaking and listening to the real users of today’s financial systems. From businesses to banks, there is a clear, collective ambition. They all need a simpler, faster, safer and more resilient system; one that can move and settle money quickly and efficiently, with minimised risk and greater transparency.

To make this a reality, we are bringing together a community of passionate people, institutions and partners who have the right mindset with market & technical knowhow. By blending their expertise, creativity and compliance, we have the power to enable a decentralised, distributed financial market infrastructure. 

Our multidisciplinary team of leaders, innovators and collaborators work in Agile iterations and constantly adapt to new ideas, technologies and challenges. Together, we are creating a network of distributed Financial Market Infrastructures (dFMIs); a collection of next generation payment systems enabling on chain wholesale exchange of value in central bank money. 

We are passionate about the possibilities this innovation presents. Together we can enable businesses to focus on their future growth, without worrying about the inefficient processes of the past. The future looks even brighter; further interoperability with other DLT systems to support the rapid growth of tokenised markets means even greater benefits in the years to come.

By assembling the brightest minds, leveraging the right technology and aligning with the strongest partners, we’re well on our way to achieving our goals. Our journey will not end there though, because we are committed to continual improvement. Iteration and evolution are in our DNA.

Nomura

ING Ventures

CIBC

Credit Suisse

Santander

State Street Corporation

Sumitomo Mitsui Banking Corporation

Lloyds Banking Group

MUFG Union Bank

Nasdaq

#Fnalityin2022 Milestone 10

Our latest POC completion - the first test DvP settlement across our payment system and HQLAᵡ’s Digital Collateral Registry. 

The successful completion of this tranasction is significant as it opens the doors for the delivery of the first live intraday repo trade in production and also demonstrates the applicability of the HQLAX model beyond DvD.

#fnalityin2022 #paymentsystem  #fintech

#Fnalityin2022 Milestone 9

Our successful PoC completion of the first of its kind cross-chain FX settlement transaction test across the Finteum Corda-based Platform and the Fnality Payment System.

This transaction proved that interoperability could be achieved in both directions between Corda and Enterprise Ethereum, meaning banks would be able to execute a FX swap trade in the Finteum Platform and settle it via our payment system in under 10 seconds. 

#fnalityin2022 #crosschainpayment #paymentsystem

#Fnalityin2022 Milestone 8

As part of our reflection on 2022 we definitely want to mention the many opportunities we had to speak at a variety of key industry events. We enjoyed sharing our expertise and meeting other industry leaders at events such as Point Zero Forum in Zurich, Fintech Nexus in London, the BBVA conference in Madrid and numerous other panels held by partners and fellow fintechs (Sibos, #Merge2022, the list goes on). 

Thank you to everyone and we look forward to seeing you all again next year. 

#Fnalityin2022 #fintech #financialservices #blockchain #web3 #fmi

#Fnalityin2022 Milestone 7

In September, Nomura was welcomed to the board of investors, bringing a wealth of experience in capital markets.

Their investment continues to be invaluable as we move the company into a more global space and expand our presence in capital markets across Europe, the US and Japan.

#fnalityin2022 #capitalmarkets #investment #paymentsystem

#Fnalityin2022 Milestone 6

It was a hugely significant moment when HM Treasury issued a Recognition Order to us, which officially recognised the Sterling Fnality Payment System as a systemically important payment system in the UK.

This brought our payment system into the Bank of England’s regulation scope and made our payment system the very first DLT-based, fully-regulated payment system in the world.

#Fnalityin2022 #regulation #regulatedpaymentsystem

#Fnalityin2022 Milestone 5

Collaborating with The Depository Trust & Clearing Corporation (DTCC) on their Project Ion Platform, alongside other industry-leading companies, was an opportunity to explore the intricacies of DLT. 

The Project Ion Platform represents one of the largest DLT initiatives in the industry, with the ability to process over 100,000 equity transactions each day using DLT, and it was a collaboration we were hugely excited to be a part of.

#distributedledgertechnlology #dlt #financialservices

#Fnalityin2022 Milestone 4
 
The appointment of our Chairwoman of the Board of Directors, Olga Zoutendijk brought invaluable corporate governance and financial industry experience and has been a great asset to the Fnality team. 

Olga is a renowned global banker having held senior executive roles in wholesale, investment and retail banking across the globe. In addition to her current portfolio of Board Director roles she is a sought-after speaker at international FinTech conferences.
 
#Fnalityin2022 #seniorleadershipteam #fintech

We were pleased to be mentioned in this Coindesk interview with Nick Davey at Payment Systems Regulator (PSR). The PSR will be responsible for regulating digital settlement assets and cryptoassets if the proposed legislation (the Financial Services and Markets Bill 2022) becomes law (currently under review in Parliament). The PSR already regulates Fnality. The article notes that Fnality’s use of distributed ledger technology (DLT) can help the PSR examine how regulation may have to adapt to new technology. We continue to engage constructively with the PSR and are happy to support this work. 
#financialservices #regulation #blockchaintechnology 

https://lnkd.in/eXn8tX7G

#Fnalityin2022 Milestone 3

We were delighted to welcome Euroclear as an investor in March 2022. Euroclear provides Financial Market Infrastructure and has been making waves in the industry. 

Since their investment, Euroclear have helped us expand our industry footprint.

#Fnalityin2022 #fintech #investor

#Fnalityin2022 Milestone 2

Alongside Nivaura and Adhara, we piloted a cross-chain debt transaction between the public Ethereum and our payment system - demonstrating the ability to offer near-instant settlement in capital markets and payments in collaboration with NatWest and Santander.

#Fnalityin2022 #crosschainpayment #financialmarkets

Metric
Company Name	Fnality International	Deutsche Börse AG	Euroclear	Router Protocol
Symbol		DB1
MSH ID	ORG:FNALITY	COM:DEUTSCHE-BOERSE	COM:EUROCLEAR	COM:ROUTERPROTOCOL
Market	PRIVATE	STOCKS	PRIVATE	PRIVATE
Sector	Financial Services & Finance	Financial Services	Financial Services & Finance	Technology
Industry	Financial Technology	Financial - Data & Stock Exchanges	Financial Infrastructure	Software Development
Country	GB	DE	BE
Stage	Series B
Employee Count	11	14.50K	5.47K	11
Website	fnality.org/home	deutsche-boerse.com	euroclear.com	routerprotocol.com
LinkedIn		deutscheboerse	euroclear
Founders

Metric
Market Cap	206.42M	36.62B
Enterprise Value
Monthly Web Traffic	463	118.96K
Web Traffic Growth	-0.03	0.00
Valuation
Raised Capital	97.08M

Metric
Revenue		8.28B
Revenue (LTM)
Revenue (NTM)
Gross Profit		4.95B
EBITDA		3.18B
Operating Income		2.78B
Net Income		1.82B
EPS		9.88
Diluted EPS		9.87
Revenue 2022
Revenue 2023
Revenue 2024
Revenue 2025
Revenue 2026

Metric
Revenue Growth (LTM)
Revenue Growth (NTM)
Gross Profit Growth (LTM)
EBITDA Growth (LTM)
Net Income Growth (LTM)
14-Day Growth Score
28-Day Growth Score
90-Day Growth Score
365-Day Growth Score

Metric
Gross Profit Margin		0.70
Operating Profit Margin		0.41
EBITDA Margin		0.38
Net Profit Margin		0.28
Return on Equity		0.28
Return on Assets		0.01
Return on Capital Employed		0.14

ORG:FNALITY

Fnality International

Company Overview

Market Metrics

Financial Performance

Growth Metrics

Profitability Ratios

Valuation Multiples

Operational Metrics

Cash Flow Metrics

Balance Sheet Metrics

Efficiency Metrics

Metric
P/E Ratio		20.55
P/B Ratio		3.87
Revenue Multiple (LTM)
Revenue Multiple (NTM)
EBITDA Multiple (LTM)
EBITDA Multiple (NTM)
Price to Sales Ratio		4.61
EV Multiple		9.63

Metric
Days Sales Outstanding
Days Payables Outstanding
Days Inventory Outstanding
Operating Cycle		133.27
Cash Conversion Cycle		133.27
Asset Turnover		0.04

Metric
Operating Cash Flow		2.69B
Free Cash Flow		2.41B
Cash Flow to Debt		0.43
Operating Cash Flow/Sales		0.49
Free Cash Flow Yield

Metric
Cash & Equivalents		1.75B
Accounts Receivable		-2.21B
Inventory
Goodwill		8.68B
Debt to Capitalization		0.47
Debt to Assets
Current Ratio		1.01
Quick Ratio		14.22

Metric
Rule of 40 (LTM)
Rule of 40 (NTM)
Stock Comp to Revenue
R&D to Revenue
SG&A to Revenue