Banking & Finance News Stories

Lightnet raises US31.2 Million in Series A Round

Thailand-based fintech company Lightnet secures a massive US$31.2 new funds from six conglomerates.

Lightnet is the next-generation financial network that is built on the true interoperability concept by bridging between existing banking rail and non-bank agent network to provide efficient and instantaneous transactions.

The Thai-fintech company recently acquired US$31.2 million in a Series A funding round led by 6 conglomerates including UOB Venture Management, Seven Bank, Uni-President Asset Holdings, HashKey Capital, Hopeshine Ventures, Signum Capital, DU Capital, and Hanwha Investment and Securities.

Lightnet Series A featured image
Credits: Lightnet

Lightnet aims to further develop a blockchain financial mobility network and said that it plans to use the new funds in launching its three-solution service, the BridgeNet, LiquidNet and SmartNet. According to Lightnet, these three solutions will be used as the fundamental core of the business.

“It’s vital that we build an ecosystem to provide Lightnet access to our partners’ vast user base and facilitate deeper penetration into local markets. We project that within three years, Lightnet will facilitate over $50 billion worth of annual transactions,” said Lightnet’s vice-chairman, Tridbodi Arunanondchai.

The fintech company was co-founded by Chatchaval Jiaravanon and Ttridbodi Arunanondchai. Jiaravanon, who stands as the Chairman of the company said, “We launched Lightnet to offer low-cost and instantaneous financial inclusivity and mobility to the four billion lives across Asia Pacific – all powered by Stellar’s fast, scalable, and sustainable blockchain technology.”

Also commented about the Lightnet’s three solutions was Suvicha Sudcha, Chief Executive Officer Lightnet, saying, “The main platform has been completed, and the first transaction is slated for Q1 2020. In addition to the potential 500,000 cash agents across our ecosystem, Lightnet will integrate with several renowned payment and remittance partners such as MoneyGram, Seven Bank, Yeahka, Ksher across Japan, South Korea, and several other Southeast Asia nation to ensure successful activation of our ecosystem.”

The investment marks one of the largest Series A funding in Southeast Asia.