Lightnet utilizes blockchain technology to facilitate cross-border payments through a multihub, multilateral network that connects various payment methods, including cards, wallets, and bank accounts. This solution addresses the inefficiencies and high costs associated with international money transfers, enabling faster and more affordable transactions across 120+ territories.
Funding
$50M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Traditional cross-border payment systems are often slow, expensive, and inefficient due to multiple intermediaries and complex reconciliation processes. These inefficiencies create barriers to international trade and remittances, particularly for individuals and businesses in emerging markets.
Solution
Lightnet utilizes blockchain technology to streamline cross-border payments through a multi-hub, multilateral network. This network connects various payment methods, including cards, wallets, and bank accounts, enabling faster and more affordable international money transfers. Lightnet's solution aims to reduce reliance on traditional banking rails and intermediaries by leveraging virtual accounts and stablecoins for wholesale settlement. The platform facilitates direct currency swaps, removing the need for USD as an intermediary currency in certain exotic currency pairs. Lightnet focuses on large institutional wholesale volume as well as B2B and B2B2C transactions to optimize net settlement of fund flows.
Target Audience
Lightnet targets financial institutions, payment service providers, and businesses involved in cross-border transactions, particularly those operating in or serving the Asian market. LightRemit targets individuals seeking affordable international money transfers.
Features
- Multi-hub, multilateral network connecting diverse payment methods
- Integration with payment and service providers for transfers between cards, wallets, and bank accounts
- Virtual accounts and stablecoins for wholesale settlement
- Direct currency swaps without USD as an intermediary in select currency pairs
- Regulatory compliance and licensing to handle large transactions in capital-controlled countries
- Mobile e-wallet and virtual bank account functionalities via LightRemit
- Intuitive dashboard for managing exchange rates