French P2P fintech startup Lydia, has today landed $100 million more in a Series C funding round to boost its app. The round was a contribution of new investors the likes of Dragoneer and Echo Street and existing investors Tencent, Accel and Founders Future. This newly acquired funding brings the total valuation of the company to more than $1 billion.
Founded in 2013 by Antoine Porte and Cyril Chiche, Lydia is the developer of a mobile payment platform intended to make payments easier. Lydia is a social interface that connects phones with cards to pay anyone with one app, allowing users to make pain-free payments through a mobile wallet system without carrying any cheques or ATM card.
Users can get a virtual or physical debit card that works on the Visa network. They can also manage their money more easily by creating sub-accounts that they can share with other Lydia users. Lydia also offers small loans from €100 to €3,000, savings accounts, and now trading. In particular, the new crypto and stock trading partnership with Bitpanda makes it much easier to invest small amounts of money whenever you want.
The app started out as a peer-to-peer mobile payment app and was later expanded to include cashback and personal loans. The startup recently launched cryptocurrency and stock trading services in partnership with Australian crypto exchange Bitpanda. The fintech app is similar in functionality to the Money App or Venmo and currently has 5.5 million users.
Source: TechCrunch “Lydia grabs another $100 million for its Europpean financial super app”