Singapore’s Lightnet secures $50m funding to fuel growth

Singapore’s Lightnet has secured a $50 million capital commitment from LDA Capital, with the option to increase the amount up to $100 million over the next three years.

Lightnet receives $50m investment

Lightnet says the funds will be used to grow its infrastructure and operations as well as further develop its tech partner’s (Velo Labs Technology) blockchain technology. The money will also be used to facilitate web3 payment and blockchain-based remittance services focused across Asia Pacific.

In addition, the investment will help the firm obtain licenses and increase its internal operations, including hiring new employees.

The fintech company, which has licensed subsidiaries across the globe, says it aims to “improve the lives of the unbanked and underbanked populations throughout Asia Pacific” using its cross-border remittance infrastructure.

Together with partner Velo Labs, the group intends to be the first real-time blockchain settlement flow for remittance and payments between money transfer operators and banking institutions under regulatory supervision and support.

Lightnet adds that with the assistance of Velo Labs’ technology, it will “be able to connect to a multitude of payment partners across the globe, making the remittance ecosystem and payment options more affordable and accessible to businesses and customers alike”.