• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • Our Services
  • Contact Us
  • Newsletter
  • Top Nav Social Icons

Mobile ID World

Mobile ID World

Identification Revolution

  • Mobile ID
    • What Is Mobile ID?
    • Identity Associations
    • Premier Partners
    • FAQ
  • News
  • Solutions
    • Behavioral
    • Facial Recognition
    • Fingerprint Biometrics
    • Iris Biometrics
    • Second Factor
    • Smart Cards
    • Smartphones
    • Vital
    • Voice
    • Wearable Tech
    • Other
  • Applications
    • Access Control
    • Cloud Technology
    • Commerce
    • Enterprise
    • Healthcare
    • Identification
    • Internet of Things
    • Law Enforcement
    • Strong Online Authentication
  • Exclusive
    • Interviews
    • Featured Articles
    • Podcasts
  • Companies
  • Events

French Payments App Lydia Raises $45 Million in Round Led by Tencent

January 16, 2020

French Payment App Lydia Raises $45 Million in Round Led by Tencent

French startup Lydia announced it has raised $45 million in a Series B funding round led by Chinese multinational conglomerate Tencent.

Though relatively small with only 90 employees, mobile payment app Lydia is wildly popular in France, with 3 million users in the country and 5,000 people signing up every day. A large portion of its users are under 30, with 25% of French people between the ages of 18 and 30 already having registered an account.

Speaking to the latest round of money raised, Lydia co-founder and CEO Cyril Chiche told TechCrunch, “At first, we wanted to raise less but we ended up raising more.”

Though primarily a peer-to-peer payment system, Lydia is looking to expand its service and position itself as more of a versatile money management app. Users can create multiple Lydia accounts and assign them to specific payment purposes.

As is the case with any payment system, user security is of high importance with a Lydia account. Each payment method conducted through the app requires either a security code or biometric authentication, depending on the type of device being used.

For contactless transactions where a mobile phone is used, the security measures used depend on what type of payment method the transaction is conducted through. For example, if a Lydia user associates their account with an Apple Pay account, then Apple Pay security is used for that particular transaction.

For online payments with digital internet cards — temporary payment numbers that are generated from the Lydia app — a security code or biometric authentication is required to complete any transactions.

Lydia is available in other European countries besides France, however the company aims to use this latest round of funding to fuel expansion in growth in other markets, though no specific timeline has been set as of yet.

Sources: TechCrunch, Lydia

Filed Under: Industry News Tagged With: digital payment cards, digital payments, digital payments platforms, funding rounds, mobile money, payment apps, payments platforms, payments security, Security, Tencent, venture capital

Related News & Articles

New Hertz App Enables Biometric Authentication

WISeKey Aims for AIoT Growth with Arago Merger Proposal

Onfido Calls for Public-Private Collaboration to Boost British FinTech

Primary Sidebar

Learn About Mobile ID and Aviation

Tweets

Sponsored Links

facetec logo

FaceTec’s patented, industry-leading 3D Face Authentication software anchors digital identity, creating a chain of trust from user onboarding to ongoing authentication on all modern smart devices and webcams. FaceTec’s 3D FaceMaps™ make trusted, remote identity verification finally possible. As the only technology backed by a persistent spoof bounty program and NIST/iBeta Certified Liveness Detection, FaceTec is the global standard for Liveness and 3D Face Matching with millions of users on six continents in financial services, border security, transportation, blockchain, e-voting, social networks, online dating and more. www.facetec.com

FACEPHI is a global leader in Facial Recognition technology and in Mobile Biometrics technologies. With a strong concentration in the financial sector, FacePhi’s product is rapidly becoming a service used by banks all over the world. Its implementation doesn’t just save money, it is also a way to attract clients and build loyalty, while increasing the security of transactions for both the customer and the business. To learn more about FacePhi, visit https://www.facephi.com/en/

Recent Posts

  • Mastercard Solution Certified Under UK’s Digital ID Framework
  • Transatlantic Digital Traveler Identity Project Gets High-Profile Tech Partner
  • Digital Identity Tech Demo Online Event
  • Mobile ID Comes to Another US Campus
  • New York DMV Developing Mobile Driver’s License

Footer

  • About Us
  • Company Directory
  • Advertise With Us
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • Archives
  • CCPA: Do not sell my personal info.

Follow Us

Copyright © 2023 MobileIDWorld