A Thai Fintech company, Lightnet, has recently announced that it has fetched a 31.2 million USD funding from a gamut of investors. Lightnet is a blockchain-based payment and remittance firm that works with a chain of cash agents. The targeted consumers of this firm remain the unbanked migrant workers from South-East Asia. The prime objective of the organization is to become a substitute for the whole baking system and SWIFT system.
The list of investors providing 31.2 million USD includes big names like UOB Venture Management, Hanwha Investment and Securities, and Seven Bank.
Lightnet is likely to focus on its blockchain technology called Stellar through the new set of funding. Stellar is an open and utterly decentralized platform that facilitates cross-border transactions. Lightnet has been working to cater to the needs of the underbanked migrant Asians through its cost-effective remittance network.
As far as the vision of Lightnet is concerned, it aims at bringing a paradigm shift in the world-wide remittance industry worth of trillion dollars. Its primary focus stays on South-East Asia that is worth over 150 billion USD, as per the startup.
Tridbodi Arunanondchai, Lightnet’s vice chairman, 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 US$50 billion worth of annual transactions through our industry-leading partner network.
As of now, Lightnet has already rolled out three services: BridgeNet, LiquidNet, and SmartNet. The startup said earlier that the vital structure had been completed and it should go operational from April 2020. It also clarified that it aims to integrate with many other leading payment partners across the globe.