France-based mobile payments platform Lydia has secured €13m in financing led by CNP Assurances.
The firm’s existing backers, which include XAnge, New Alpha AM, Oddo BHF and Groupe Duval, also made a commitment to the investment.
Launched in 2013, the company is a mobile payments provider that offers individuals and businesses across France, United Kingdom, Ireland, Spain and Portugal to access a range of transaction methods.
The platform, which is aimed towards 18-35-year olds, allows users to pay through generated QR codes, a virtual and plastic MasterCard connected to their app, or with Apple Pay. Lydia also offers P2P payment services to help paying back friends.
At the end of last year, Lydia passed the one millionth user mark, and has 2,000 new accounts created daily, according to the company.
Funds from the round will be used to develop new services and boost its growth in France, the UK, Ireland, Portugal and Spain. The company also hopes to expand across the rest of the EU.
CNP Assurances head of private equity Hélène Falchier said, “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.”
This equity injection brings the company’s total funding efforts to over €23m. Lydia previously raised a $7.8m venture round in 2016, with NewAlpha Asset Management and Oddo & Cie supplying the capital.
Last year, NewAlpha closed a €56m venture capital fund dedicated to FinTech investments in France. The vehicle received a €15m contribution from Bpifrance-managed French Tech Acceleration.
Funding to France’s FinTech sector has risen consecutively for the past three years, with $297.8m being invested in the country last year.
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