Singapore-headquartered fintech company Lightnet Group announced today the completion of Raffles Family Office’s strategic investment.
According to a press release, the funding will “support Lightnet’s ongoing operations and help enhance the development of Lightnet products and solutions.”.
As part of the investment, Lightnet will secure a strategic stake in RFO’s digital asset wealth management platform, Revo, which will allow Lightnet to expand its payment ecosystem to cover institutional funds transfer – a major component of RFO’s service offering to support ultra-high-net-worth (UHNW) families in the region through Revo.
Earlier this month, the Hong Kong headquartered multi-family office Raffles Family Office launched Revo, which it describes as “Asia’s first digital assets based multi-family office,” to cater to growing demands among Asia’s wealthy for exposure to digital assets.
The platform is launched in partnership with Huobi, which serves as the infrastructure provider. Revo said it will offer custody, investment and advisory services for cryptocurrencies as well as digital asset funds.
“This agreement will see more adoption of Lightnet’s next generation financial infrastructure. This is key to expanding our payments and remittance services… Lightnet’s network will provide borderless and formless financial mobility infrastructure for Revo digital asset wealth management platform to move the fund anywhere in the world”, said Lightnet Co-Founder and Chairman, Chatchaval Jiaravanon.
In 2020, Lightnet raised US$31.2 million in a Series A funding round led by the investment arm of Singapore-based multinational United Overseas Bank, UOB Venture Management, Seven Bank, HashKey Capital and others.