Lydia is going back to basics with a new app dedicated to peer-to-peer payments

With the arrival of this new application, the old one is renamed “Lydia Comptes” for daily banking services.

The French fintech launched in 2011 separates its activities with 'Lydia' and 'Lydia Comptes' to meet the different needs of its eight million users.

An innovation, but not a revolution: this is how we could summarize the new service that Lydia developed on smartphones at the beginning of April. The Parisian company returns to the peer-to-peer payments and online prize pools that have made it famous since 2011 with a brand new app available on download platforms. With more than eight million users claimed last year, Lydia is more established than ever in the online banking game. However, there is no question of letting yourself be outdone by your competitors. The app that launched this week should allow that “Lydia to return to Lydia” seeking to return to the original recipe that helped establish its strong reputation.

Two applications, two uses

The company, which became a unicorn two years ago, now offers two apps: “Lydia” et “Lydia Comptes”. The first, the new, brings back its stately letters to the famous “Shall I make you Lydia?” spread by fintech by focusing on initial operations. Dedicated to compensation between friends, you can request, send and receive money instantly and above all for free. Lydia thus seeks to put an order in the galaxy of services it offers, “Keeping only the best” notes Antoine Porte, co-founder of the company.

Don't panic about regulars. “Lydia Comptes”, evolution of the original application, remains for daily services. Intended for banking services (cards, savings, investments, budget management, etc.), the latter also offers the services of the former in a logical synergy.

For fintech, its development “Lydia” it comes at a pivotal moment. This new application corresponds to a separation between banking activities and online payments after listening to its customers. “It's important not to force things on people if they're not ready or don't want it” confides Antoine Port.His launch ce spin-off will make it possible to better meet the needs of its users, “which are different” notes, “Simplifying the lives of the French”.

“A reliable alternative”

To continue to innovate and keep its promise of fun and simplified use, Lydia also adopted a new internal organization to cope with this new stage. Therefore, it hopes to attract both the most loyal users and people interested in its services who have lost sight of its original promise. It's also a way for the fintech to grow its banking and social parts, which have been competing with startup banks and players like LyfPay for several years.

With this return to basics, there is optimism on the part of the 250-employee company. Antoine Porte sets two goals. “On the banking side, we need to support the French in the necessary digital transition by closing branches, offering a reliable alternative. When it comes to online payments, we want to renew and accelerate. With the person-to-person cashless revolution (payments from apps Editor's Note)we need to provide fast, safe and practical solutions.” confides.

As of December 2021, the French company had also raised $103 million in capital, corresponding to four years of runway. Enough to approach the coming years with peace of mind and continue to innovate. “We are preparing many game-changing innovations for our customers” recently announced Félix Lepoutre, vice president of design at Lydia Solutions. It remains to be seen whether this strategy will convince users.

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