Thai fintech startup Lightnet secures $31.2m from UOB, others

Lightnet, a Bangkok-based fintech company leveraging blockchain technology, today announced that it has raised US$31.2 million in a series A funding round.

The investors in the round include UOB Venture Management, Seven Bank, Uni-President Asset Holdings, HashKey Capital, Hopeshine Ventures, Signum Capital, Du Capital, and Hanwha Investment and Securities.

Photo credit: Lightnet

With the new funds, Lightnet will further invest in its underlying blockchain technology called Stellar – an open-source, decentralized platform for cross-border financial transactions – as it continues to build a next-generation financial mobility network.

The company was established in 2018 to promote financial mobility and inclusivity for unbanked and underbanked Asians by offering a low-cost alternative solution.

The startup said it aims to disrupt the trillion-dollar global remittance industry, starting with the millions of unbanked migrant workers who rely on outdated, costly, and fragmented services in major Southeast Asian markets, which are valued at US$150 billion.

“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 US$50 billion worth of annual transactions through our industry-leading partner network,” said Tridbodi Arunanondchai, Lightnet’s vice chairman.

Lightnet offers three solutions: BridgeNet, LiquidNet, and SmartNet. According to a statement, the startup’s main platform has been completed, with the first transaction slated for the first quarter of 2020.

The company also said it looks to integrate with several payment and remittance partners such as MoneyGram, Seven Bank, Yeahka, and Ksher across Japan, South Korea, and several other Southeast Asian countries.