Fintech Firm Lightnet Group Gets $50M From LDA Capital to Boost Velo Protocol's Tech

Fintech firm Lightnet group has received a $50 million commitment from investment group LDA Capital, the firm said on Monday.

The Singapore-headquartered Lightnet said it will use the funds to boost Web3 and cross-border payments through the Velo protocol, and expand the protocol's technology. The firm has the option increase the total commitment to up to $100 million over the next three years.

Velo is a protocol focussed on cross-border payments services, specifically in Asia Pacific.

Lightnet had raised a $31.2 million Series A in 2020. It had raised the funds from the investment arm of Singapore-based multinational United Overseas Bank, UOB Venture Management, Seven Bank, HashKey Capital, and others.