French Fintech Lydia Secures €13 Million in Latest Funding Round to Accelerate Cashless Payment Growth in Europe
Lydia, the French mobile payments firm, announced this week it has raised €13 million through its latest funding round, which was led by CNP Assurances with participation from XAnge, New Alpha AM, Oddo BHF and Groupe Duval. The company reported it plans to use the latest funds (which brings its total funding to €23 million) to continue acceleration of cashless payments in Europe.
Launched in 2013, Lydia reported that it has become an “essential” app for 18-35 years olds. The company revealed it hit one million users are the end of 2017 and 2,000 accounts are now created daily.
“Internationally acclaimed for its innovation and excellent user experience and buoyed by the increasing trend towards mobile payments, Lydia’s objective is to become an undisputed part of Europeans’ daily lives. The startup is one of the pioneers of the cashless revolution which is sweeping across most of the planet – from China to Sweden.”
While sharing more details about the latest funding round, Cyril Chiche, President and Co-founder
of Lydia, stated:
“Now, more than ever before, Lydia is one of the major players in the cashless revolution gaining pace across Europe. We’d like to thank our existing investors for their ongoing trust, and we are thrilled to welcome CNP Assurances onboard. These enriched means will allow us to go even faster and further towards providing the 500 million citizens of Europe with the best-adapted interface for their money.”
“With innovative customer acquisition strategies and an unparalleled level of service, Lydia has been able to attract millennials, and to create a loyal community of Lydia app users. We are delighted to accompany Lydia on its expansion in France and across Europe, as well as to plan new mobile payment services together.”