Wednesday, June 12, 2024
21.9 C
New York

French fintech Lydia launches digital banking app Sumeria

  • Company Overview:
    • French fintech start-up Lydia.
    • Originally launched in 2013 as a P2P payments app.
    • Currently serves 8 million users in France, Spain, and Germany.
  • New Developments:
    • Lydia is splitting its app into two separate services.
    • Launching a new digital banking brand called Sumeria.
    • Lydia Accounts will focus solely on peer-to-peer (P2P) payments.
    • The original Lydia app will be rebranded as Sumeria.
  • Investment and Growth Plans:
    • Planning to invest over €100 million in Sumeria.
    • Hiring 400 people over the next three years.
    • Sumeria aims to serve 5 million customers by 2027.
    • Seeking a credit institution licence from the French Prudential Supervision and Resolution Authority.
  • Product Offerings:
    • Lydia Accounts app will handle P2P payments exclusively.
    • Sumeria will include advanced features like stock trading, savings accounts, and loans.
    • Sumeria will offer an online account with 4% interest on cash balances for the first three months.
  • Rationale for Changes:
    • The split is due to the “all-in-one product” approach diluting the “magical experience” of P2P services.
    • Aimed to maintain a clean and relevant design for both services.

Hot this week

Banking as a Service: Meaning, Examples, Benefits and Future

The push for open banking has led to a...

What is Fintech?

Fintech: A term used to refer to innovations in...

Best fintech blogs and websites

Fintech (financial technology) has been an interesting part of...

How to buy shares online

Buying shares online in India has come a long...

Is it worth investing in life insurance over 60?

Is it worth investing in life insurance over 60? As...

U.S. Bank taps Greenlight for family-focused money management tools

U.S. Bank Partners with Greenlight to Enhance Financial Literacy...

Finseta offloads non-trading subsidiary Capital Currencies to undisclosed buyer for £150,000

Summary of Finseta's Sale of Capital Currencies:Transaction Overview:...

Peru becomes first South American country to adopt NPCI’s UPI tech

Summary of BCRP and NPCI International Partnership:Partnership Overview:...

Beobank selects Viva to power new corporate payment solutions for SMEs in Belgium

Beobank and Viva Partnership - Key Points:Partnership Objective:...

Siri and Google Assistant look to generative AI for a new lease on life

There’s a lot riding on next week’s WWDC 2024...

Centenary Bank embarks on tech overhaul with Oracle Flexcube core banking system

Centenary Bank Technology Transformation - Key Points:Bank Overview:...

Related Articles

Popular Categories