UOB Enterprise Administration, the non-public fairness unit of UOB, has co-led a US$31.2 million Sequence A funding spherical for Bangkok-based fintech startup Lightnet.
The most important traders within the spherical have been UOB Enterprise Administration, Hanwha Funding and Securities, and Seven Financial institution. Different traders included Singapore-based Hopeshine Ventures, Signum Capital and Du Capital. Uni-President Asset Holdings and HashKey Capital rounded off the listing of traders.
The startup supplies remittance providers by leveraging blockchain and connecting current monetary programs with its community of money brokers, which refers to locations that may dispense money, resembling comfort shops. It goals to interchange underground banking and the SWIFT system utilized by banks, and can first goal unbanked migrant staff in South-east Asia as its prospects.
Proceeds from the fundraising might be used to extend Lightnet’s funding within the underlying blockchain expertise on Stellar Community – the fintech’s blockchain companion, and to construct a monetary mobility community.
Lightnet’s major platform has been accomplished and the primary transaction is slated for the primary quarter of 2020, mentioned its chief government officer Suvicha Sudchai.
It’ll combine cost and remittance companions – resembling MoneyGram, Seven Financial institution, Yeahka and Ksher – from Japan, South Korea and a number of other South-east Asian nations “to make sure a profitable activation” of its ecosystem, Mr Sudchai added.
Lightnet was co-founded by Chatchaval Jiaravanon, whose household runs the Charoen Pokphand Group, certainly one of Thailand’s largest firms; and former funding banker Tridbodi Arunanondchai.
Investor Seven Financial institution owns all 7-Eleven shops in Japan and about 69,200 comfort shops globally, mentioned Lightnet.
Fellow investor Uni-President Asset Holdings is the funding arm of Uni-President Enterprises Corp, which owns over 9,000 7-Eleven and Starbucks throughout Taiwan, China and the Philippines.