Thai tycoon who owns Fortune magazine plans fintech acquisitions
- Chatchaval Jiaravanon is co-founder and chairman of Lightnet, operator of a blockchain-based remittance platform
- The Thai fintech start-up raised US$31.2 million in new funding this January
A financial technology start-up co-founded by the owner of Fortune magazine plans to widen the reach of its Southeast Asian remittance platform through acquisitions.
Lightnet, which describes its blockchain-based service as quicker and cheaper compared with traditional banks, may raise fresh capital to pour into purchases, said chairman Chatchaval Jiaravanon.
The Bangkok-based company announced a US$31.2 million funding round last week.
“Acquisitions will be the quickest way for growth in a fast-changing environment,” Jiaravanon, 57, said in an interview.
The Thai tycoon will face intense competition in the blockchain arena from a host of start-ups as well as some of Asia’s largest technology firms and traditional financial institutions.
Bangkok-based Lightnet is initially targeting millions of underbanked migrant workers in Southeast Asia, a remittance market it estimates at US$150 billion. Jiaravanon said he plans to open offices in Singapore, Hong Kong and mainland China – adding to current footprints in Thailand and Vietnam – and double staff strength to 120.
Lightnet’s financing round was led by companies including United Overseas Bank’s venture unit and Hanwha Investment & Securities Co. Jiaravanon said he wants his platform to process at least US$50 billion worth of annual transactions in three years.
