Thailand’s Lightnet bags US$31.2 million from UOB

Thailand’s fintech company Lightnet has raised US$31.2 million in Series A funding round led by UOB.

Thailand’s Lightnet bags US$31.2 million from UOB | BEAMSTART News

Other investors participated in this funding round include Seven Bank, Uni-President Asset Holdings, HashKey Capital, Hopeshine Ventures, Signum Capital, Du Capital, and Hanwha Investment and Securities.

The funding marks Lightnet as Asia's first blockchain company to receive financial backing from six large conglomerates.

Established in 2018, Lightnet promotes financial mobility and inclusivity for the unbanked and underbanked Asians with blockchain technology.

Lightnet will use the new fund for investment in its underlying blockchain technology called Stellar for cross-border financial transactions.

“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,” said Tridbodi Arunanondchai, Lightnet’s vice chairman.

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