French mobile payment app Lydia has tapped Swedish FinTech Tink to use its open banking technology, empowering it to leverage access to PSD2 APIs across Europe.
The two companies will collaborate on streamlined bank account connectivity that will improve the user experience of the Lydia app. The service will be rolled out to Lydia’s four million users in the coming weeks.
Lydia has a 25% market share among French millennials and more than 5,000 new users sign up to the app every day. The French mobile payment app processes €250m of transactions per month.
“We are proud to partner with a global open banking leader like Tink, that can support us in our international growth,” said Cyril Chiche, co-founder and CEO of Lydia. “By teaming up with Tink, we aim to give Lydia’s users the best possible user experience and allow them to easily manage their financial daily lives within our app. We look forward to working with Tink to create an improved and seamless experience for our users.”
Daniel Kjellén, co-founder and CEO of Tink, added, “We are excited to team up with one of Europe’s leading payment fintechs and become their open banking technology provider. By working together, we will make our open banking technology available to Lydia’s 4 million users. We look forward to supporting Lydia in their expansion in France and across borders.”
The news comes after Tink acquired credit decision solutions provider Instantor in July.
Copyright © 2020 FinTech Global