Lightnet bags $50m for its cross-border remittance infrastructure

Lightnet bags $50m for its cross-border remittance infrastructure

The Lightnet Group, which develops cross-border remittance infrastructure, has secured a $50m capital commitment from LDA Capital.

With the funds, the FinTech company plans to w its infrastructure and operations, and expand its technological partner’s (Velo Labs Technology) blockchain technology.? The capital will also help facilitate web 3.0 payment and blockchain ledger-based remittance services focused across Asia Pacific and globally.

Lightnet also has the option to increase the investment to a total commitment of up to $100m over the next three years.

Headquartered in Singapore, Lightnet is aimed at improving the lives of the unbanked and underbanked populations throughout Asia Pacific through advancement in cross-border remittance infrastructure.

With its partner Velo Labs, the company hopes to establish the first real-time blockchain settlement flow for remittance and payments between Money Transfer Operators and banking institutions under regulatory supervision and support.

It plans 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.

Through Velo, Lightnet will also be able to connect to a multitude of payment partners across the globe.

Lightnet co-founder and CEO Tridbodi Arunanondchai said, “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.”

The cross-border remittance infrastructure company said that the investment will help it grow in the payment and remittance space, expand operating corridors and opportunities and obtain licences. This will support its transition towards building a banking network in Asia through licensed subsidiaries.

?It also hopes to increase internal operations, including hiring employees from around the world.

Another FinTech company to recently raise funds was Safeheron, which raised $7m in its pre-Series A funding round.

Copyright ? 2022 FinTech Global

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