French startup Lydia raised $ 7.eight million (€7 million) from New Alpha AM and Oddo & Cie as a way to expand to other European international locations. The startup allows you to simply pay again your folks with none rate the use of a cell app — amongst other issues. consider it as a form of Venmo for France.
whereas Lydia has most effective been available in France, with nowadays’s funding spherical, the company plans to launch in different European markets. With 500,000 users in France, it’s time to take a look at different nations.
Lydia plans to launch within the U.ok., Germany and Spain right through the first 1/2 of 2017. Lydia additionally has some formidable goals as the startup wants to have three million customers in two years.
other startups in other European nations additionally provide peer-to-peer payment services and products — as an example, Revolut in the U.k. and Cookies in Germany. So Lydia should expand quickly earlier than these local opponents develop into too ubiquitous.
but Lydia doesn’t plan to stop at geographical expansions. only a few weeks ago, the corporate introduced a just right previous plastic card to pay in thousands and thousands of retail stores. It’s an ordinary MasterCard, however that you could customise it to your wants in the Lydia app.
Transactions appear straight away, which you could block and unblock online funds, international funds, ATM withdrawals and extra. similarly, you could set totally different payment limits and all modifications are reflected right away.
after I talked with Cyril Chiche about this new product function, he had an enchanting take on the way forward for consumer fintech startups. according to him, all fintech startups start with a simple product and add options that make them compete with all different fintech startups. in the end, they’re all going to recreate the entire products and services you’d are expecting from a client-going through financial institution — they only had a distinct place to begin.