French financial services platform Lydia has announced a whopping extension of its Series B round, raising an additional $86 million led by Accel. The round now rests at $131 million, which it claims is the largest round ever raised by a French fintech startup. All other major existing shareholders participated, too. Amit Jhawar, the former General Manager of Venmo and Accel venture partner, will join the board. Starting out as a ‘pay a friend’ app, much like Venmo, the B2C company aims to be an all-in-one, in-hand platform for any financial needs of ‘the mobile generation’. Founded in 2013, Lydia reports adding more business this year than any previous as the pandemic pushes more and more people to digital services. These users are also dabbling more into the company’s newer services, such as its flexible debit card, money pools and direct deposit capabilities. Having recently launched in Portugal, the company will enter other European markets next year.
Other investors include Tencent, XAnge, New Alpha, Groupe Duval and Founders Future.
Photo: Co-founders Antoine Porte and Cyril Chiche