Lightnet Raises US$50 Million to Bolster Blockchain-Powered Remittancesby Fintech News Singapore August 30, 2022
The Lightnet Group, a Singapore-based fintech firm with several licensed subsidiaries around the globe providing cross-border remittance services, announced that it has secured a US$50 million capital commitment from LDA Capital.
According to Lightnet, it will have the option to double the investment to US$100 million over the next three years.
This investment will allow the Lightnet Group to expand its operating corridors and opportunities and obtain licenses.
Lightnet also intends to develop its technological partner’s (Velo Labs Technology) existing technology and contribute to the growth of its anchors, remittance partners and liquidity providers, and assist the blockchain company with enhancements of its team by hiring key management officers and developers.
The group said that it intends to pilot programs that enable remittance backed by distributed ledger technology through multiple channels including the use of stable coins, bypassing the traditional SWIFT settlement process and thus reducing the need for high costs of pre-funding that currently dominates traditional cross-border payment flows.
“We’re thrilled with this partnership and are so glad that LDA Capital recognises the value of the new generation remittance services.
This investment will allow us to grow and expand our infrastructure, which partners can participate in and grow business solutions. Our unique architecture makes the solution accessible and attainable for anyone to adopt the service.”
said Tridbodi Arunanondchai, Co-founder and CEO of Lightnet.