French fintech startup Lydia raises $100 million in Series C funding round

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French crypto-friendly Lydia raised $ 100 million in a Series C funding round, according to a TechCrunch report.

The latest capital increase is reported to have helped Lydia achieve over $ 1 billion worth of unicorn status.

The $ 100 million fundraiser comes almost a year after the $ 86 million Series B funding round in December 2020.

The round was led by investors Tencent and Accel, with Dragoneer and Echo Street participating. A fintech startup is looking to leverage new capital to expand its presence in Europe. The company hopes to have 10 million Europeans on board by 2025.

Lydia did not immediately respond to Cointelegraph’s request for comment.

The app started out as a peer-to-peer cash payment app and has since expanded to include cashback and personal loans. The startup recently launched its own stock and cryptocurrency trading services in conjunction with Australian cryptocurrency exchange Bitpanda. The Fintech app is similar to Cash or Venmo in terms of functionality and currently has 5.5 million users.

Related: PayPal offers cryptocurrency sellers and limited trading on Venmo.

The popularity of cryptocurrencies in recent years has made financial technology and mobile commerce apps some of the biggest winners. Several mobile payment and fintech trading app giants such as PayPal, Robinhood, and Venmo have opened the doors of cryptocurrency to millions of users and merchants.

Basic mobile payment providers have already joined the crypto league, and now even local payment processors want to start with the popularity of crypto. Indian mobile payment processor Paytm has recently expressed interest in cryptocurrency after clarifying the rules from the authorities.

Source: CoinTelegraph

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