Singapore-based fintech platform The Lightnet Group received USD 50 million capital commitment. The company announced the news on August 28, 2022. LDA capital invested in the fintech firm.
As a part of the deal, Lightnet will have the option to increase the USD 50 million to a total commitment of up to USD 100 million over the next three years.
Purpose of Funding for Lightnet
With the latest capital infusion, the company intends to develop its infrastructure. Further, it seeks to grow its operations.
Meanwhile, Lightnet has plans to expand its technological partners – Velo Labs Technology and blockchain technology. The company aims to facilitate web 3.0 payment and blockchain ledger-based remittance services. Lightnet intends to provide these services focusing across the Asia Pacific and globally.
With the fresh proceeds, the Lightnet Group seeks to boost growth in the payment and remittance space. It wants to expand operating corridors and opportunities, obtaining licenses.
Besides, the company has plans to build the #1 CeDefi banking network in Asia. Lightnet’s licensed subsidiaries and its continuously growing number of partners will support the said endeavour. Further, the fintech company intends to increase internal operations, such as the hiring of employees from around the globe, to support the expansion of Lightnet’s ecosystem.
What the official of LDA Capital has to say
Warren P. Baker III, Managing Partner and Co-Founder at LDA Capital said, “Lightnet’s next generation financial infrastructure, along with Velo Labs’ disruptive technology, will be the future rails for dynamic and regulated markets providing financial mobility and inclusivity across Asia.”
What the co-founder and CEO have to say
Tridbodi Arunanondchai, Co-Founder & CEO of Lightnet, added, “We’re thrilled with this partnership and are so glad that LDA Capital recognizes 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.”
About Lightnet
Chatchaval Jiaravanon and Tridbodi Arunanondchai brought the company into existence in 2018. It is a Singapore-headquartered fintech group. The purpose is to promote economic mobility and inclusivity. Lightnet Group empowers unbanked populations and SME trade finance with an inclusive international remittance ecosystem. Several licensed subsidiaries around the globe support Lightnet in its mission through its revolutionary advancement in cross-border remittance infrastructure.
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