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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.

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