INSUBCONTINENT EXCLUSIVE:
Tencent is leading the round with existing investors CNP Assurances, XAnge and New Alpha also participating.If you live in France, chances
are you already know Lydia quite well
The company has become a ubiquitous mobile payment app, especially for people under 30 years old
co-founder and CEO Cyril Chiche told me in a phone interview.The company has managed to attract 3 million users in France
Lydia currently has 90 employees.More recently, the company has expanded beyond peer-to-peer payment
time.You can create multiple Lydia accounts to put some money aside or use money in that sub-account for a specific purpose
That feature alone turns the app into a versatile money management app.For instance, you can associate a Lydia payment card with a Lydia
You can change those settings in real time.You can share accounts with other Lydia users
You can spend directly from that account or withdraw money to another account.You can also turn any Lydia account into a money pot account
In just a few taps, you can generate a link and share it with your friends so that they can add money using their regular payment card or a
You can also insure your phone and other mobile devices
You can get some free credit when you open a bank account, insure your home with Luko, switch to another electricity and gas provider,
compare mobile phone and internet providers and more.And that strategy is going to be key in the future
Tencent acquired Supercell, bought 40% of Epic Games, acquired Riot Games (League of Legends), invested in Ubisoft, Activision Blizzard,
Peer-to-peer payments represent the top of the funnel and a great user acquisition strategy thanks to networking effects.You can then
connect your Lydia account with your bank account and your debit card
This way, you can send money back and forth between your Lydia accounts and your bank account
As a user, that strategy slowly pays off over time
your bank account acting as a money back end.At the bottom of the funnel, Lydia hopes that it can turn active Lydia users into paid
customers with a handful of in-house and third-party financial products
Expanding the marketplace will be a big focus for the company going forward.While Lydia is available in other European countries, Lydia is
still massively used in its home market with other markets lagging behind
