Interwebs

Lightnet Raises $31.2 Million in New “Series A” Financing

 

Lightnet, the Bangkok-based fintech company has received A round funding of US$31.2 million in fresh capital. With this round completed, Lightnet is Asia’s first blockchain company to receive financial backing from six large conglomerates, providing access to millions of Asian users searching for improved financial mobility. 

Lightnet was co-founded by Chatchaval Jiaravanon – a family member of the Charoen Pokphand Group in Thailand – and serial tech entrepreneur and former investment banker Tridbodi Arunanondchai. 

The financing round was led by UOB Venture Management, Seven Bank, Uni-President Asset Holdings, HashKey Capital, Hopeshine Ventures, Signum Capital, Du Capital and Hanwha Investment and Securities. The proceeds from the latest fundraising will go towards strengthening Lightnet’s investment in the underlying blockchain technology on the Stellar Network, and to build a next-generation financial mobility network.

“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,” said Chatchaval Jiaravanon, Lightnet’s chairman.

Lightnet aims to disrupt a trillion U.S. dollar global remittance market, starting with the millions of unbanked migrant workers who rely on outdated, costly and fragmented services in major Southeast Asian markets. These services, valued at $150 billion, are ripe for the advent of Lightnet’s smart contracts and distributed ledgers, now well-positioned to replace the decades-old, inefficient SWIFT system and unreliable underground banking.

“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 through our industry- leading partner network,” says Tridbodi Arunanondchai, Lightnet’s vice-chairman.

The lead investors, UOB Venture Management and Hanwha Investment and Securities, represent two of the largest financial conglomerates in Singapore and Korea, respectively. In addition, Seven Bank (TKO: 8410), a group company of Seven & I Holdings Co. Ltd, owns all the 7-Eleven stores in Japan and approximately 69,200 convenience stores globally. Uni-President Asset Holdings is the investment arm of Uni-President Enterprises Corp., which also owns over 9,000 7-Eleven and Starbucks across Taiwan, China and the Philippines. Hashkey Capital is the investment arm of China’s automotive and financial conglomerate, WanXiang Group. 

“Lightnet is offering three innovative solutions, BridgeNet, LiquidNet and SmartNet. 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 South East Asia nations to ensure successful activation of our ecosystem,” said Lightnet Chief Executive Officer, Suvicha Sudchai.

By harnessing the combined strength of blockchain technology, local market insight, Pan-Asia partnership and its proprietary ecosystem, Lightnet accelerates the mass adoption of blockchain technology, delivering accessible and efficient financial services for the many.

 

Top Web Development Trends to Watch in 2024

As 2024 nears its conclusion, it’s remarkable to look back at the transformative trends that have reshaped the web development landscape over the pa...

The digital marketing world in the US

  The pandemic has accelerated the benefits of the digital marketing world as most people stay at home or work remotely. This resulted in a massive...

Which CMS is Best for Your Business Model?

  A CMS - also known as a Content Management System - is a computer software program that is used to build, create, and develop a website platform...

Conveyancing 101: The Conveyancing Process Explained For Buyers

In the US, more than one million homes are bought and sold each year. Even if you have no intention of purchasing a property anytime soon, it's wort...

The Importance of Having a User-Friendly Robotic Pool Cleaner

Having a user-friendly robotic pool cleaner at home is one of the best investments you could ever make. This will not only help you with all the poo...

6 Outdoor Tech Gadgets to Create Your Backyard Oasis

  Many people enjoy pool parties, barbecues and bonding with loved ones at home. If you have been desiring to turn your backyard into your paradise...

How businesses had to move online

  Most businesses are now available on the internet online platforms and a lot of them decided to close the shop doors and move to an online presen...

Where to Find Free Bets Online

If you are a beginner in the field of gambling and you want to start placing bets on sports without risking as much as your own money, then brace yo...

Why Hire an SEO Company or SEO Services for Online Business?

  It can be tempting to try to do your own SEO work, but it is a better choice to outsource this work to an SEO professional like WebsiteStrategies...