French fintech startup Lydia raises $100 million in sequence C funding spherical
French crypto-friendly fintech startup Lydia has raised $100 million in a sequence C funding spherical, as per a report in TechCrunch.
The newest capital elevate reportedly helped Lydia attain unicorn standing with a valuation of over $1 billion.
The $100 million fundraise comes practically a 12 months after its sequence B funding spherical of $86 million in December 2020.
The spherical was led by present traders Tencent and Accel and likewise noticed participation from Dragoneer and Echo Street. The fintech startup goals to make use of the contemporary capital to develop its footprint in Europe. The agency hopes to onboard 10 million European clients by 2025.
Lydia didn’t instantly reply to Cointelegraph’s request for remark.
The app began out as a peer-to-peer cellular fee app and later expanded to incorporate cashback and private loans. The startup just lately launched its inventory and crypto buying and selling providers in affiliation with the Australian crypto exchange Bitpanda. The fintech app is much like Cash App or Venmo when it comes to performance and presently boasts 5.5 million customers.
Related: PayPal to supply crypto funds for retailers, restricted buying and selling on Venmo.
The recognition of crypto funds in recent times has made fintech and cellular buying and selling apps the most important winners. Several cellular fee giants and fintech buying and selling apps like Paypal, Robinhood, and Venmo have opened the gates for crypto funds for hundreds of thousands of customers and retailers alike.
Mainstream cellular fee service suppliers have already joined the crypto league and now even native fee processors wish to financial institution on crypto’s recognition. Indian cellular fee processor Paytm had just lately expressed curiosity in crypto funds following readability on rules from the federal government.