Users of Lydia can now spend money in their account directly using a Visa debit card as a result of an upgrade of the platform. The app also allows users to generate a virtual card that’s accepted by Google Pay and Apple Pay.
Lydia, a French mobile payment app and fintech startup, raised $86 million in its last Series B round. The company earlier in January raised $45 million, with Tencent, a Chinese multinational holding company leading the investment. The French mobile payment app has now raised $131 million in total, making it the largest fintech round in the history of France. American venture capital firm, Accel led the extension alongside all major existing shareholders of Lydia, participating.
The French payment app was launched in 2013 and was dubbed the “Venmo of France .” The app allows its users to make easy and quick payments to other people, leading to the famous phrase behind it “Je te fais un Lydia” meaning “I’ll Lydia you.” The company is now a major name in the French financial scenes, moving beyond just payments and now holds 30% of people under 30 on its platform according to reports.
Lydia’s mobile app payment saw a 100% rise in transaction volume this year and announced that they’ve added more users to their platform this year than any other year, taking its total user base to over 4 million. The French mobile payment app is now offering debit cards, a direct deposit option, as each user gets his or her own IBAN, as well as creating money pots and sending the link to other users on the platform. Users also have the option of donating money to charities, organizations, hospitals and a lot more,
Users of Lydia can now spend money in their account directly using a Visa debit card as a result of an upgrade of the platform. The app also allows users to generate a virtual card that’s accepted by Google Pay and Apple Pay.
The mobile payment app has also created multi-purpose flexible sub-accounts for its users this year. Users can again create a second as well as a third sub-account which can also be used in many ways. The company also plans to integrate many new features into its platform all in attempts to cement its position in the financial scene.
Lydia, in the early stages of the year, reinvigorated its platform, creating two new premiums in addition to its usual premium offering. The new premium plans offer users higher limits over the free plan and is coupled with an insurance package for the most expensive offer on the platform.
The company has now raised funds from investors including New Alpha, Founders Future, XAnge, Tencent and Groupe Duval.
Speaking after the funding, Cyril Chiche, co-founder and CEO of Lydia stated that he believes Lydia now has what it takes to become the leading financial super-app in Europe. He added that 2020 has been a strange year and as such, the younger generation seeks to control and real-time visibility of their financial situation and Lydia seems to be the way to go.
Chiche revealed that the new funds will be pushed into expanding the app globally as the company has struggled outside France and even pulled out of the UK earlier this year. The company will however be represented internationally by Amit Jhawar, a partner at Accel who will join its board. Jhawar was a general manager at Venmo as it is partly credited with its success in the US.
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