FinTech startup Lightnet based out of Bangkok, Thailand has recently secured a funding of US$31.2M from various investors in a series A funding round. UOB Venture Management Private Limited (UOBVM), a wholly owned subsidiary of United Overseas Bank (UOB) emerged as the leading investor.
This firm was founded in 2018 with a vision to promote financial mobility by providing low cost alternative financial solutions. It leverages the use of Blockchain technology which is cutting-edge and revolutionary. Stellar which is an open source and a decentralized platform for financial transactions is Lightnet’s Blockchain technology. This start-up is all set to have a world where remittance market is dominated by Blockchain. It is working in the direction of providing feasible solutions to the unbanked migrant workers in South Asian markets who still rely on the outdated and costly services eating into their mearge incomes.
It mainly provides three solutions- LiquidNet, Smartnet and Bridgenet. The firm’s approach helps in connecting the existing financial systems with non-bank agents.
This funding round is crucial in terms of enhancing the net valuation of the company apart from boosting growth aspects. It has laid a foundation stone for its expansion. Various investors took active participation. The list includes UOB Venture Management, Seven Bank, Uni-President Asset Holdings, Signum Capital, Du Capital, Hopeshine Ventures, and HashKey Capital. Also, Hanwha Investments and Securities invested in this FinTech firm.
Usage of Funds and Future Plans of Lightnet
The company is very optimistic and has huge plans to invest the raised funds in Stellar, its Blockchain technology for building a next generation financial mobility network. Within three years, it will facilitate a transaction worth US$50 Billion and has started working in that direction.
Moreover, the company will integrate with Money gram, Yeahka and Ksher and thus will enhance its working methodology for boosting its growth. Thus, the plan to expand in the Asian market is on its way according to the start-up’s latest declaration.
Lightnet’s main platform has been completed and is ready for its transaction in the first quarter of 2020. It is working swiftly to make this happen soon.
Thus, Lightnet has gained the interest of new investors and being a baby start-up, it has managed to attract a lots of investors in its recent funding round. The future definitely looks promising for this innovative startup.
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