Singapore-based blockchain remittance firm Lightnet Group has raised $50 million from alternative investment group LDA Capital, according to a statement.
The funds will be used to grow Lightnet’s infrastructure, operations and team. It will also be invested in expanding Velo Labs’ blockchain technology. Velo Labs is Lightnet’s technology partner.
Lightnet added in the statement that it wants to build Asia’s top CeDiFi banking network, through licensed subsidiaries and partners. This will see the firm invest in payments, and remittances, expand its operating corridors and obtain licences to develop its fintech network.
Lightnet will also have the option to increase its $50 million commitment to $100 million over the next three years. This capital will be utilised to facilitate Web 3.0 payment and blockchain ledger-based remittance services across the Asia Pacific and globally.
“Lightnet’s next generation financial infrastructure along with Velo Labs’ disruptive technology, will be the future rails for dynamic and regulated markets providing financial mobility and inclusivity across Asia,” said Warren P. Baker III, managing partner and co-founder at LDA Capital.
“This investment will allow us to grow and expand our infrastructure, which partners can participate in and grow business solutions,” said Tridbodi Arunanondchai, co-founder & CEO of Lightnet.
Lightnet was last reported by DealStreetAsia to have bagged $48 million in funds from its co-founders, Chatchaval Jiaravanon and Tridbodi Arunanondchai in December 2021.
It previously also closed $31.2 million in Series A capital in 2020 from investors like UOB Venture Management, Hanwha Investment and Securities, 7-Eleven owner Seven Bank, Uni-President Asset Holdings, Chinese automotive and financial conglomerate WanXiang Group’s investment arm HashKey Capital, and Singapore-based Hopeshine Ventures, Du Capital, and Signum Capital.
Lightnet co-founder Jiaravanon is a member of the billionaire family that controls Thai conglomerate Charoen Pokphand (CP) Group. He owns Fortune magazine and is the founder of Charoen Energy and Water Asia. He set up Lightnet in 2018 using $10 million of his own money.