Lydia raises USD 45 mln in Tencent-led funding round

Thursday 16 January 2020 13:09 CET | News

France-based startup Lydia has raised USD 45 million in a Series B round led by Tencent, TechCrunch reports.

The company has managed to attract 3 million users in France - 25% of French people between 18 and 30 years old have a Lydia account, and 5,000 people sign up every day.

Recently, Lydia has expanded beyond peer-to-peer payments. First, the company wants to help customers manage their money in many ways in real time. Users 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.

Users can connect their Lydia account with their bank account and debit card. This way, people can send money back and forth between Lydia accounts and bank accounts.

At the bottom of the funnel, Lydia hopes that it can turn active Lydia users into paid customers with a handful of in-house and third-party financial products.

While Lydia is available in other European countries, Lydia is still massively used in its home market with other markets lagging behind. With today’s funding round, growth in foreign countries is going to be the second key topic.

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Keywords: Lydia, Tencent, P2P payments, e-wallet, mobile app, funding
Categories: Payments & Commerce
Countries: France
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