Thursday, December 17, 2020

Venture Capital: "Paris-based Lydia lands €70 million Series B extension to expand its mobile financial app across Europe"

For European VC this is a pretty hefty B round.

From EU Startups, December 17:

Lydia, one of the fastest growing mobile financial services platforms in Europe, today announced an extension of its Series B round, raising an additional approx. €70 million. The round was led by Accel, the global venture capital firm, and additionally all major existing shareholders actively participated. The total Series B funding round now sits at around €107 million, making it one of the largest rounds ever raised by a French fintech.

Founded in 2013, Lydia is a fast-growing financial services platform, which aims to become the one-stop shop for all the financial needs of the mobile generation. Co-founded by Antoine Porte and Cyril Chiche, Lydia has 30% market share among French Millennials, who use its brand as a verb.

Despite economies being frozen globally due to COVID-19 lockdowns, Lydia added more users in 2020 than any year in its history, crossing the major threshold of 4 million users in early Q4. With more users on the platform, Lydia has seen like-for-like user transactions grow more than 100% over the past year. Users are also increasingly adopting Lydia’s broader financial services, such as its flexible debit card, money pools and direct deposit capabilities, as the pandemic has increased consumer demand for native mobile experiences that provide more insight and control over personal finances....