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Fintech Friday: Lydia

Publish date: 22 November 2019
Author: Lydia

Lydia’s Cyril Chiche spoke with Efma’s Boris Plantier about the French startup that offers everything payments related and their European expansion plans.

How came the idea of Lydia?

The idea of Lydia came after travelling abroad and seeing the huge development in mobile payments in places like Asia or Africa only ten years ago. We were stunned by how quickly those new payment means were adopted and how they removed every friction you could face in using our European payment systems. When we returned to France, we had this idea of building Lydia: an app that would be the mobile interface of all your daily payment needs with real-time everything (payments, notifications, balance update, etc.) as the core guideline. 

Today, 3 million people are using it.

Could you present to me Lydia's offer?

Lydia is a full-service mobile payment app that lets you:

- Send money to anyone, instantly, using their phone number;
- Pay anywhere safely using your mobile (contactless for in-store purchases, or using temporary Internet cards for paying online). You can even use the Lydia card to withdraw cash in any currency, free of charge
- Manage all your bank accounts easily from one single app
- Set up mobile accounts for groups and special events (like shared accounts for a couple, or money pots for birthdays)
- Get access to smart third-party financial services via the Lydia market (like instant loans, smartphone insurance, online bank account opening, gift cards, utility provider switching services, flight delay compensation, and a lot more to come)

What's coming next for Lydia?

In the year ahead, we will be focusing primarily on two things:

- Making Lydia and its Premium offer available to more than 300 million people by launching it in every European country

- Making the Lydia shared account product the new standard for people who need to put and spend money together, for even just a weekend between friends or for everyday life

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