French mobile financial services platform Lydia has secured €40m in its Series B funding round.
Chinese tech company Tencent led the funding round, along with the participation of existing investors such as Open CNP by CNP Assurances, XAnge and New Alpha.
Lydia said it will use the funding to extend the scope of its mobile payments platform and increase footprint across Europe.
The company has attracted more than 3 million users in France, with 25% falling between the ages of 18 and 30 years. The startup is reported to add around 5,000 new users a day.
Lydia co-founder and CEO Cyril Chiche said: “With the new funding round and a partner like Tencent, who will help us save a lot of time and avoid costly mistakes in this scaling-up phase, we have all the reasons to be very ambitious.
“We are now in a position to challenge the traditional retail banking distribution model with a mobile platform model similar to what we see in sectors like retail, music or travel.”
Lydia, which was launched in 2013, recently extended its product offering in order to serve as a one-stop-shop application for financial life.
The company is now allowing users to get accounts, payment cards, loans, insurance, money pots, gift cards and more in one intuitive interface.
Lydia, which is a founding member of France Fintech, has raised more than €60m in funding from investors including Tencent, XAnge, New Alpha, CNP Assurances, Oddo BHF and Groupe Duval.