Singaporean fintech Lightnet Group raises $50 million in funding

Oluwajuwonlo Afolabi -

Lightnet Group, a Singapore-headquartered financial technology startup, offering blockchain-based cross-border payment infrastructure, has raised $50 million in funding from LDA Capital, an investment group.

  • The fund will be used to boost web3 and cross-border payments through Velo protocol, and advance the protocol's technology, the company claims. The fund has an option to be increased to $100 million in the next three years.
  • Velo Labs, a partner to the Lightnet Group developed the Velo protocol which focuses on cross-border payment service, especially in the Asia Pacific region. Licensed financial institutions create and exchange Velo digital assets with local currencies, using the Velo token.
  • Lightnet last raised $31.2 million in its Series A round in 2020. United Overseas Bank, UOB Venture Management, Seven Bank, Hashkey Capital and others had earlier invested in the fintech startup.