The funds will be invested into the Stellar Network, the blockchain technology underlying Lightnet’s platform, as well as to build a «next-generation financial mobility network.»
Bangkok-based fintech Lightnet has raised $31.2 million in a Series A funding round led by UOB Venture Management, the private equity unit of UOB, the firm announced in a statement on Friday.
Other backers include Seven Bank, Uni-President Asset Holdings, HashKey Capital, Hopeshine Ventures, Signum Capital, Du Capital and Hanwha Investment and Securities.
According to its website, the company aims to disrupt the global remittance market by using smart contracts and distributed ledgers to replace the SWIFT system and underground banking. It is currently focusing on the millions of unbanked migrant workers in Southeast Asia, which rely on costly, slow, and fragmented services for cross-border remittances.
Lightnet was co-founded by Chatchaval Jiaravanon – a family member of the Charoen Pokphand Group in Thailand – and tech entrepreneur and former investment banker Tridbodi Arunanondchai.
«We project that within three years, Lightnet will facilitate over $50 billion worth of annual transactions through our industry-leading partner network,» Arunanondchai said.