Lightnet, a Thai fintech that aims to compete with SWIFT in Asia with a blockchain-based payment network Stellar, just collected $ 31.2 million.
As part of a tour of funding Series A, several large financial institutions and venture capital companies, including UOB Venture Management, Signum Capital, Seven Bank, Hopeshine Ventures, Uni-President Asset and HashKey Capital, have invested in Lightnet, reports BusinessInsider.
Co-founded by Chatchaval Jiaravanon, ex-banker and seasoned entrepreneur, Lightnet develops cross-border payments service for Asia using blockchain Stellar.
“We launched Lightnet to provide instant mobility and financial inclusion at low cost to four billion people across the Asia-Pacific region – powered by fast, scalable and sustainable blockchain technology from Stellar, ”Commented Jiaravanon.
He hopes that his solutions based on Lightnet – BridgeNet, LiquidNet and SmartNet – will process an annual transaction volume greater than $ 50 billion by 2023.
“Lightnet will also integrate with renowned fundraising partners such as MoneyGram and Seven Bank, ”Added Suvicha Sudchai, CEO of Lightnet.