France-based mobile payments company Lydia outlined ambitious plans to expand user numbers in its existing five markets and launch its app across the European Union following its latest funding round.
Its app had one million users across France, the UK, Republic of Ireland, Portugal and Spain by the end of 2017 and the company now plans to expand the service across the rest of the economic bloc. Eventually the company aims to become “an undisputed part of Europeans’ daily lives”.
Lydia’s latest funding round totalled €13 million, secured from existing venture capital investors and finance company CNP Assurances. It takes the total raised by the start-up to €23 million in its first five years of operation.
Its app processes both peer-to-peer cash transfer and retail payments. Its latest cash injection will also fund the development of new features for the app.
Lydia president and co-founder Cyril Chiche (pictured) said: “Now, more than ever before, Lydia is one of the major players in the cashless revolution gaining pace across Europe.”
He added the funding will: “Allow us to go even faster and further towards providing the 500 million citizens of Europe with the best-adapted interface for their money”.