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# Singaporean fintech Lightnet Group raises $50 million in funding
- URL: https://www.techloy.com/singaporean-fintech-lightnet-group-raises-50-million-in-funding/
- Published: 2022-08-29T13:12:17.000Z
- Updated: 2022-09-04T19:47:56.000Z
- Author: Oluwajuwonlo Afolabi
- Tags: Tech in Singapore, / Fintech

[Lightnet Group,](https://lightnet.io/) 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.