Lydia starts trading with Bitpanda

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French FinTech Lydia continues to add strings to its bow to become a financial “super-app”. After a particular year in 2020, since the Covid-19 pandemic considerably accelerated the transition to a “cashless” society and favored the development of new digital financial services, the Parisian start-up today announces the launch of a feature directly integrated into the Lydia application.

In this context, the tricolor FinTech has partnered with the Austrian platform Bitpanda, which specializes in the trading of cryptocurrencies, stocks and precious metals. “In recent years, the world of digital assets has become more democratic and we have witnessed a rapid evolution of the market. To better serve their customers, a growing number of companies are building trading capabilities and solutions for bitcoin and other digital assets. We did the same with Lydia. Our merger with this major disruptive player in the French finance industry is becoming a realitysays Eric Demuth, co-founder and CEO of Bitpanda.

Split investing to try trading

With “Lydia Trading”, users will be able to invest in cryptocurrencies, companies (American and European including the entire CAC 40), precious metals or baskets of shares (ETF). They will be able to invest from one euro via the fractional investment mechanism, which allows them to buy a fraction of a share, at a guaranteed price, regardless of the opening and closing of the stock markets. “Until now, no financial management application offered this range of assets in which to invest, and certainly not from one euro. Telling ourselves that we can invest money in a large French energy group, for example, with the money for a beer that we were reimbursed for… This is the spirit of Lydia“says Antoine Porte, co-founder and CPO of Lydia. The appetite of the French for trading is growing, while their savings surplus generated by the Covid-19 pandemic is estimated at 157 billion euros, according to an estimate by the Banque de France. And faced with the low remuneration of the Livret A and the rise of cryptocurrencies, they are more and more interested in investments in digital assets.

Watch our interview with Antoine Porte, co-founder and CPO of Lydia:

This trading functionality allows the company to expand its range of financial services to position itself as a credible alternative to traditional banks and compete with neobanks such as N26, Revolut and Orange Bank which are currently on the rise, although it evokes rather his intention to becomethe PayPal of the new mobile generation“. In December 2020, Lydia also welcomed Amit Jhawar, partner of the American investment fund Accel and former boss of Venmo, a peer-to-peer money transfer application acquired by PayPal in 2013, to its board of directors. Or Lydia him “very reminiscent of Venmo“… A nice wink for the company which raised 112 million euros last year as part of a series B carried by the Chinese giant Tencent, which popularized the concept of “super-app” with WeChat.

Accelerated diversification with several partnerships

Launched in 2013 by Antoine Porte and Cyril Chiche, the Lydia application was popularized by its reimbursement functionality between individuals. The Parisian start-up has since extended its field of action by allowing its users to consolidate their bank accounts on a single application, to make bank transfers, to create online pots, to schedule recurring payments (to pay for their rent for example) or to pay with your smartphone via Apple Pay, Google Pay and Samsung Pay or by QR code.

Available free of charge at the start, the application acquired a paid offer, Lydia Premium, in early 2018 to boost its revenues. This service makes it possible in particular to benefit from virtual cards for online payments and to have a Mastercard card which replaces all other bank cards. To differentiate itself, the French start-up also offers other financial products, such as home insurance as part of a partnership with Luko, consumer credit with Younited Credit, or more recently a remunerated savings solution. in partnership with Cashbee, and now trading with Bitpanda.

To date, Lydia claims more than 5 million users in Europe. The company wants to becomethe first financial super-app in Europe“, according to Cyril Chiche, co-founder and CEO of Lydia. Indeed, the objective is to make it a so-called “meta-banking” application that allows access and management from a single interface all of its accounts and various banking services. However, the French FinTech is not the only player in the sector to claim such an ambition. The British online bank Revolut also intends to become a “super-app”, but which goes beyond the simple framework of finance. In this sense, the London FinTech, which has more than 16 million customers worldwide, announced in September the launch of “Stays”, a platform for booking tourist accommodation, ranging from bed and breakfasts to hotels in luxury.

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