France-based Lydia extends its Series B to hit $131m

France-based mobile payments app Lydia has secured an additional $83m in its Series B, bringing the round total to $131m.

The fresh capital was supplied by global venture capital firm Accel.

Capital from the round will be used to accelerate Lydia product roadmap to help capture the shift in customer preferences towards mobile-first apps. Funds will also be used to expand the FinTech global footprint.

During 2020, Lydia expanded into Portugal and Lydia hopes to continue launching across Europe in 2021.

Lydia offers a mobile financial services platform, which has more than four million users and a 30% market share among French millennials, it claims.

Its platform enables users to receive, send and manage their money through a single app. Features include contactless payments, sending money to friends, instant loans, shared accounts, debit cards and more.

Lydia co-founder and CEO Cyril Chiche said, ?The uncertainties of 2020 have provoked the younger, mobile generation to look for even more control and real-time visibility of their financial situation. This investment will not only enable us to respond to our customers needs faster and move into new markets, but also benefit from Amit experience building Venmo and the Accel team broader experience from journeys with some of the world most successful B2C companies. I believe Lydia now has exactly what it takes to become Europe leading financial super-app.p>

As part of the deal, Accel venture partner Amit Jhawar will join the Lydia board of directors.

Earlier in the year, Lydia tapped Swedish FinTech Tink to use its open banking technology, empowering it to leverage access to PSD2 APIs across Europe.

Copyright ? 2020 FinTech Global

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