Can Lydia conquer Europe?
The French startup has become an ubiquitous mobile payment app, attracting 3 million users in its home country. 25% of French people between 18 and 30 years old have a Lydia account - and 5,000 people sign up every day.
While Lydia is available in other European countries, it is still massively used in its home market with other markets lagging behind. The startup has recently raised a $45 million Series B round (€40 million). Tencent is leading the round with existing investors CNP Assurances, XAnge and New Alpha also participating, according to techcrunch.com.
With the recent funding round, growth in foreign countries is going to be the second key topic, in addition to the primary focus to build a meta banking app. How far is this ambitious goal?
Users can already use Lydia for a number of purposes. You can create multiple Lydia accounts to put some money aside or use money in that sub-account for a specific purpose. That feature alone turns the app into a versatile money management app.
For instance, you can associate a Lydia payment card with a Lydia account and a virtual card with another Lydia account – that virtual card works with Apple Pay, Google Pay, Samsung Pay and more.
You can share accounts with other Lydia users. And shared accounts are truly shared – everyone can top up and withdraw money from that account.
More recently, the company has introduced “the market”, a marketplace of other financial products. From the Lydia app, you can borrow up to €1,000 in just a few seconds. You can also insure your phone, switch to another electricity and gas provider, compare mobile phone and internet providers and more.