Lydia nets €40m as it prepares for European growth

Mobile payments company Lydia has scored €40m in its Series B round which was led by Tencent.

Previous backers of Lydia including Open CNP by CNP Assurances, XAnge and New Alpha, also contributed to the round.

Capital from the round will be used to scale its platform and expand across Europe.

France-based Lydia is a mobile payments app which enables control over spending. The app lets a user complete online payments from a range of payment methods including debit cards, credit cards, Apple Pay, Samsung Pay, Google Pay.

The company recently released a new service which helps consumers manage their financial life. Users can use Lydia to get accounts, payment cards, loans, insurance, gift cards and other services. The company is looking to release spending categorisation for transactions.

Lydia co-founder and CEO Cyril Chiche said, “Today, 25% of 18 to 30 years-old in France have a Lydia account, and we built this powerful network effect engine with very little investment. With the new funding round and a partner like Tencent, who will help us save a lot of time and avoid costly mistakes in this scaling-up phase, we have all the reasons to be very ambitious.

“We are now in a position to challenge the traditional retail banking distribution model with a mobile platform model similar to what we see in sectors like retail, music or travel”.

The FinTech startup secured €13m in a funding round in 2018 from investors including CNP Assurances, XAnge, New Alpha AM, Oddo BHF and Groupe Duval.

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