Lightnet, a financial network supporting payments and remittances, has closed its Series A round on $31.2m.
Investments came from UOB Venture Management, Seven Bank, Uni-President Asset Holdings, HashKey Capital, Hopeshine Ventures, Signum Capital, Du Capital and Hanwha Investment and Securities.
Capital from the round will be used to bolster Lightnetâ€™s blockchain technology and its financial mobility network.
Thailand-based Lightnet aims to promote financial mobility and inclusivity for the unbanked and underbanked consumers in Asia by leveraging blockchain technology. The startup connects financial systems with non-bank agents to enableÂ streamlined transactions and real-time settlements.
Lightnet vice-chairman Tridbodi Arunanondchai said, “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.â€
Last year, UOB Venture Management participated in the Series B round of P2P lending company Amartha to support its expansion across Indonesia.
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