Lydia, the France-based developer of a mobile banking app, has added $86m to a series B round featuring internet group Tencent and insurance provider CNP Assurances that now totals $131m.
Venture capital firm Accel led the extension, which the company said included all its major existing investors. Amit Jhawar, an Accel venture partner who had been general manager at payment technology provider Venmo, has joined its board of directors in connection with the round.
Founded in 2013, Lydia has developed a digital banking mobile app with a 30% market share among French millennials. The app, which has more than 4 million users, can be used to make payments, manage bank accounts and create savings pots.
The series B funding will be used to speed up Lydia’s product roadmap and expand into new markets in Europe. It said it has now raised in excess of $160m altogether.
Tencent led the round’s $44.5m first close in January this year. It was joined by CNP Assurances’ corporate venturing fund, Open CNF, as well as Siparex Sigefi subsidiary Xange and New Alpha Asset Management, which is backed by asset manager La Française.
Lydia raised $16.1m in an early 2018 round led by CNP Assurances that also featured financial services group Oddo BHF, Xange, NewAlpha Asset Management and family office Groupe Duval.
The company had reportedly received $820,000 as of early 2014, before it collected $4.5m from Xange, the Duval family and angel investment fund Belcube in November that year.
Lydia co-founder and CEO Cyril Chiche said: “The uncertainties of 2020 have provoked the younger, mobile generation to look for even more control and real-time visibility of their financial situation.
“This investment will not only enable us to respond to our customers’ needs faster and move into new markets, but also benefit from Amit’s experience building Venmo and the Accel team’s broader experience from journeys with some of the world most successful [business-to-consumer] companies.”