Fintech Lightnet Secures $50M to Facilitate Blockchain Ledger-Based Remittance

The Lightnet Group ("Lightnet") announced today it has secured a $50 million capital commitment from LDA Capital Ltd ("LDA") to grow its infrastructure, operations, and expand its technological partner's (Velo Labs Technology) blockchain technology.  Lightnet will have the option to increase the $50 million to a total commitment of up to $100 million over the next three years. The funds will be utilized to facilitate web 3.0 payment and blockchain ledger-based remittance services focused across Asia Pacific and globally around the world.

"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," commented Warren P. Baker III, Managing Partner, and Co-Founder at LDA Capital.   

This investment will allow the Lightnet Group to boost growth in the payment and remittance space, expanding operating corridors and opportunities, obtaining licenses - enabling a transition of existing payment and remittance systems towards new technology. 

LDA's capital commitment will also be utilized to increase internal operations including hiring of employees from around the globe to support the expansion of Lightnet's ecosystem. Lightnet also intends to utilize part of the funds to develop Velo Lab's existing technology and contribute to the growth of Velo anchors, remittance partners and liquidity providers, and assist the blockchain company with enhancements of its team by hiring key management officers and developers.

"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."  stated Tridbodi Arunanondchai, Co-Founder & CEO of Lightnet.

The Lightnet Group is a Singapore headquartered fintech group with several licensed subsidiaries around the globe dedicated to improving the lives of the unbanked and underbanked populations throughout Asia Pacific, through its revolutionary advancement in cross-border remittance infrastructure.

Source: PR Newswire