LYDIA Solutions has closed a $5 million round of funding to continue expanding its mobile payment service leadership among the French Y-generation.
This second round of investment was led by XAnge Private Equity, La Banque Postale group’s private equity arm (lead investor) together with Belcube (an investment company run by the founders of Ogone and Tunz, European electronic payments experts) and the family office of the Duval’s family (run by Eric and Pauline Duval). Some private investors involved in the first round also participated.
LYDIA is a mobile payment app that enables all kind of mobile payment – P2P, in-store, on the web or from an application. The app can make in-store payments using a QR code or Bluetooth, and also handles remote P2P payments using an email address or phone number as ID.
The service is free to indivduals and merchants pay a 0.3 per cent fee per transaction and a monthly fee starting at 4.9 Euros.
“LYDIA is a typical startup of the Cloud/Mobile revolution,” said Cyril Chiche, CEO of LYDIA Solutions. “We focus on solving problems with technology. In our case we make money movements simpler than ever.”
“It goes far beyond contactless payment technology,” he added. “Our applications match our customers’ lifestyle, that’s why the 18-30 year olds (85 per cent of our users) are so quickly adopting them.”
Like Venmo in the US, the phrase “I’ll LYDIA you” has found its way into popular use, the company says.
“XAnge is convinced that LYDIA Solutions will become the French market standard for mobile payment,” said Cyril Bertrand, board member and partner at Xange.
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