Bangkok-based fintech firm Lightnet has secured $31.2m in a A funding round.
The fundraising was led by UOB Venture Management, Seven Bank, Uni-President Asset Holdings, HashKey Capital, Hopeshine Ventures, Signum Capital, Du Capital and Hanwha Investment and Securities.
The company plans to use the fresh capital to boost its investment in the underlying blockchain technology on the Stellar Network.
With the funds, the firm also intends to develop a “next-generation financial mobility network”.
Lightnet claims that it is the first blockchain firm in Asia to obtain investment from six large conglomerates.
The firm, set up by Chatchaval Jiaravanon and serial tech entrepreneur Tridbodi Arunanondchai, aims to serve unbanked as well as underbanked Asians.
It links financial systems with its network of non-bank agents and fiat-transaction network to boost the effectiveness of legacy payment systems.
“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 $50 billion worth of annual transactions through our industry- leading partner network,” Arunanondchai noted.
The company plans to integrate with MoneyGram, Seven Bank, Yeahka, as well as Ksher, among others, said Lightnet CEO Suvicha Sudchai.