French fintech startup Lydia raises $100 million in Series C funding round

According to TechCrunch, Lydia, a French crypto-friendly fintech startup, has raised $100 million in Series C funding rounds.

Lydia was reportedly made a unicorn by the latest capital raise, valued at over $1 billion

Nearly a year has passed since the Series B round of $86 millions in December 2020. The $100 million fundraise is now complete.

Tencent and Accel led the round, with participation from Dragoneer as well as Echo Street. The fintech startup plans to use the new capital to expand its European footprint. By 2025, the firm hopes to have 10 million Europeans onboard.

Cointelegraph reached Lydia but she did not respond immediately to our request for comment.

It started out as a peer to peer mobile payments app. Later, it was expanded to include personal loans and cashback. In association with Bitpanda, the startup launched stock and crypto trading services. The fintech app has 5.5 million active users and is very similar to Venmo or Cash App in terms of functionality.

Related: PayPal will offer cryptocurrency payments to merchants and limited trading on Venmo.

Fintech and mobile trading apps have been the biggest beneficiaries of crypto payments’ popularity in recent years. Many mobile payment platforms, including Robinhood, PayPal, and Venmo have made it possible to make crypto payments available to millions of merchants and users.

Mobile payment service providers in the mainstream have joined the crypto league. Now, even local payment processors want to capitalize on crypto’s popularity. Paytm, an Indian mobile payment processor, expressed interest in crypto payments after receiving clarification from the government.

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