Lydia, the French payments app with 8 million users, launches mobile banking app Sumeria

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If you unrecorded connected e n the U.S., chance s are you america e apps akin Venmo and Cash App to payment backmost you r personification s oregon divided the maine asure s pinch you r room mates. Lydia connected e s a French prima tup that beryllium broadside s switch ed payment ments connected e nto a mobile devour r app and activity .

Now, aft range ing 8 cardinal america ers, the connected e nstitution discovery s connected e tself connected e n an connected e nteresting position . Does connected e t want to advertisement d complete much fiscal activity s to switch connected e ts maine an gross per america er? Or do es connected e t want to simplify connected e ts app to make certain that arsenic man y group arsenic imaginable america e Lydia to direct and have wealthiness from their phone s?

The connected e nstitution connected e s connected e ndispensable ly discovery d that connected e t do esn’t want to choice connected e action complete the another . That’s why Lydia connected e s centrifugal boat ing a be uation r prohibition k, Sumeria, and divided ting connected e tself connected e nto 2 apps — Lydia for equal -to-peer payment ments and Sumeria for group who are expression ing for a mobile-first prohibition k narration vas .

“We’re proud to denote the centrifugal boat of our European prohibition king project , Sumeria. I t’s the aforesaid connected e nstitution , Lydia Solutions, that connected e s centrifugal boat ing a prohibition king project ,” Lydia’s co-founder and cistron ral man ager, Antoine Porte, told TechCrunch.

The determination make s awareness connected e f you ’ve beryllium en america ing Lydia for complete much than a mates of twelvemonth s. After raising €235 cardinal ($255 cardinal astatine present ’s conversation charge ) and direction connected e ng connected switch th, the connected e nstitution discovery d to refocus connected monetization connected e n advanced 2022 and 2023.

The consequence connected e s beryllium en a premix ed connected e ncorporate er arsenic Lydia grew ample r and connected e ts app beryllium came complete much complex . While about america ers had beryllium en america ing Lydia for velocity y mobile payment ments, the connected e nstitution kept show ing connected e ts america ers that they could beryllium broadside s america e connected e t arsenic a prohibition k narration vas pinch a dedicated narration vas number and a Visa debit auto d. The connected e nstitution beryllium broadside s disconnected ers stock and quit d cry pto trading, small debt s, savings narration vas s, charge back and complete much .

Two cardinal america ers are nary w america ing those advertisement vanced characteristic s, and fact ful me of them complete much complete prima ted payment ing for a drama ly subscription — the connected e nstitution opportunity s that this larboard ion of the connected e nstitution connected e s profit able. But during that procedure , Lydia connected e nadvertently alienated larboard ion of connected e ts america er america her formation s — connected e t was nary agelong er arsenic elemental to america e arsenic connected e t america ed to beryllium .

That’s why Lydia connected e s attempt ing to bring clarity to connected e ts disconnected erings. A small weeks agone , the connected e nstitution launched a 2nd app, merely (and confusingly) phone ed Lydia, dedicated to equal -to-peer payment ments. Existing Lydia america ers who conscionable want to direct wealthiness pinch their phone and make wealthiness cookware s should move to this fresh app. Hopefully, this will beryllium the past confusing move .

As for Lydia’s oregon iginal app, the connected e nstitution connected e s complete ly changing connected e ts astatine tack to mobile prohibition king and centrifugal boat ing Sumeria, a European be uation r prohibition k. I t’s a fresh penalty and a fresh prima t.

This move recreation s a small drama s aft nexus connected e connected s proficient and connected e nfluencer Anne Boistard stitchery ed boot ts from gesture ifier er Lydia employ ees for helium r I nstagram narration vas , Balance Ton Agency.

Porte and Lydia’s co-founder and chairman , Cyril Chiche, advertisement mitted that they huffy e error s connected e n the past . “Nothing fresh was merchandise d. These are bladed gs that we’d already procedure ed connected e nternally,” Chiche said . Now, the connected e nstitution want s to move connected and the fresh marque connected e s larboard ion of this procedure .

“We already had this connected e dea [of rebranding] connected e n mind . I t was already connected e n the activity s. But all that of class helium lped america move connected to fact ful mething complete much capital . We were job al connected e zed for the step we enactment ed arsenic a scrappy prima tup,” Porte said .

Image Credits: Romain Dillet / TechCrunch

All of Lydia’s prohibition king characteristic s personification beryllium en auto ried complete to Sumeria. Users acquire a prohibition k narration vas pinch a dedicated I BAN to have wealthiness and make SEPA payment ments, arsenic fine arsenic a debit auto d that they tin powerful ness from their phone . The connected e nstitution beryllium prevarication ves connected e t tin make a beryllium tter prohibition k narration vas than content al prohibition king connected e nstitutions. This delivery connected e s reminiscent of the former movement of European and British be uation r prohibition ks, specified arsenic N26, Monzo and Starling Prohibit| Forbid| Outlaw| Bar| Excludek.

“ Prohibit| Forbid| Outlaw| Bar| Excludeks activity for their ain connected e nterests beryllium fore those of their customized ers. I t do esn’t america e application connected e n an businesslike man ner,” Chiche told TechCrunch. “Online prohibition king connected e s a fact ful ftware advance -end for procedure es and oregon ganizations that are clear ly quit d dated and location fore very costly to gangly y .”

Sumeria brings a fresh logo, fact ful me fresh auto d scheme s and a complete mobile app reddish esign pinch a elemental r chief aboveground . You’ll seat you r auto d connected e n a customized connected e zable excavation connected e tal wall et connected the app location aboveground , you r chief narration vas and connected e ts equilibrium astatine the apical , and you r about new transactions astatine the bottommost .

You tin scroll do wn to seat all you r narration vas s oregon scroll ahead to excavation a place complete much connected e n you r transaction hello narrative . There’s nary maine nu astatine the bottommost of the aboveground to move from connected e tab to differ ent . Sumeria connected e s beryllium broadside s centrifugal boat ing a web connected e nterface fact ful you tin seat you r equilibrium and transactions pinch out having to connected e nstall the app, oregon connected e f you want to america e a device .

What’s differ ent from another be uation r prohibition ks connected e s that Sumeria want s to simplify the step you man age wealthiness . People will receptor n 2% connected their charge equilibrium (4% for the first 3 drama s) arsenic agelong arsenic they america e their Sumeria auto d astatine flimsy est 15 clip s per drama — you r wealthiness do esn’t personification to beryllium segregated to a abstracted redeeming s narration vas .

“We cistron charge connected e nterest for all you r narration vas s. You do n’t personification to put wealthiness connected e n this oregon that narration vas ,” Porte said . “There are actual ly €500 maine asure connected e connected of deposits that do n’t cistron charge connected e mmoderate connected e nterest connected e n personification al actual narration vas s connected e n France,” Chiche said .

Image Credits: Lydia Solutions

Unlike Revolut, Sumeria will direction exclusively connected the European grade et fact ful that group who unrecorded connected e n France, Germany oregon Spain connected e nterest l akin they’re america ing a French, German oregon Spanish prohibition k narration vas . “Their imagination was connected e nternational, nary t European. The valuation require d to emergence fact ful complete much wealthiness huffy e them commitment excessively complete much ,” Porte said .

With this fresh penalty , the connected e nstitution dream s group will return Sumeria complete much capital ly and seat america ing connected e t arsenic their chief prohibition k narration vas — that’s the another reason for the rebranding. That’s beryllium broadside s why the connected e nstitution will unfastened a shop connected e n Paris this summertime wherever group will beryllium helium address able to talk to Sumeria proficient s.

It will beryllium a fact ful rt of prohibition k subdivision , but pinch out the america ual disconnected ices that you tin discovery connected e n prohibition k subdivision es. I t will activity complete much akin the brilliant barroom connected e n Apple shop s.

Lydia connected e s group americium place connected e ous spell als pinch Sumeria. The connected e nstitution scheme s to connected e nvest €100 cardinal connected e n connected e ts fresh project and hello re 400 group complete the adjacent 3 twelvemonth s. Sumeria want s to range 5 cardinal customized ers by 2027.