Fintech startup Lightnet, which is implementing Stellar blockchain, has successfully raised a total amount of $31.2 million, through a Series A funding, that will be utilized in bolstering cross-border payments in Southeast Asian countries.
The funding was led by the region’s major financial conglomerates led by Singaporean United Overseas Bank and South Korea’s Hanwha Investment & Securities.
The company, which is headquartered in Bangkok, Thailand, has an ambitious plan to use the newly raised funds to replace established payment systems like SWIFT in Southeast Asian markets.
Lightnet also plans to integrate with some existing fiat payment solution entities working in Asia, including Ksher, Yeahka, Seven Bank and MoneyGram.
Chatchaval Jiaravanon, Chairman of Lightnet said:
“We launched Lightnet to offer low-cost and instantaneous financial inclusivity and mobility to the four billion lives across Asia Pacific — all powered by Stellar’s fast, scalable, and sustainable blockchain technology,”
The Stellar blockchain is a major blockchain protocol that is used to operate eponymous cryptocurrency Stellar Lumens (XLM).