Financial services firms HashKey, United Overseas Bank (UOB) and Seven Bank, and conglomerates Hanwha and Uni-President Enterprises have co-led Thailand-based financial technology developer Lightnet’s $31.2m series A round.
HashKey, UOB, Hanwha and Uni-President invested through HashKey Capital, UOB Venture Management, Hanwha Investment and Securities and Uni-President Asset Holdings respectively, while investment firms Hopeshine Ventures, Signum Capital and Du Capital also took part.
Founded in 2018, Lightnet provides blockchain-powered money remittance services for the unbanked and underbanked population in Southeast Asia. It targets migrant workers originating from the region who transfer their earnings home from their host countries using conventional methods.
The company’s services are available on digital payment network Stellar and it will use the series A funding to improve its blockchain technology as it looks to increase economic mobility through partnerships with traditional banks and convenience stores.
Lightnet co-founder and chairman Chatchaval Jiaravanon said: “We launched Lightnet to offer low-cost and instantaneous financial inclusivity and mobility to the 4 billion lives across Asia Pacific – all powered by Stellar’s fast, scalable and sustainable blockchain technology.”
