French led fintech Lydia has raised US$131m as part of its Series B funding, making it the largest investment in the French sector yet recorded.

The VC firm, Accel led the contribution alongside Lydia’s existing shareholders, which include China’s Tencent to make it a record-breaking success.

Launched in 2013, Lydia is now a household name in France, with a stronghold of millennials, which include 30% of all under-30s signed up according to reports. They managed to surpuss the 4M user mark in Q4 2020, despite barriers of the covid-pandemic. Additionally, the mobile payment app recorded 100% growth in volumes transacted.

“The uncertainties of 2020 have provoked the younger, mobile generation to look for even more control and real-time visibility of their financial situation,” said Cyril Chiche, Lydia’s co-founder and CEO. “I believe Lydia now has exactly what it takes to become Europe’s leading financial super-app.”

Chiche explained the new funds would go towards expanding the app beyond France, although Lydia has previously struggled with going international, pulling out of the UK earlier this year.

Using its newly acquired investment funds, Lydia shared its intention to gear its product roadmap towards emerging consumer preference for mobile apps, particularly within banking and financial health monitoring.

Geographic expansion also appears to be on the company’s roadmap: 2020 marked the launch of its services in Portugal, with other European locations on the horizon for 2021.

This investment will not only enable us to respond to our customers’ needs faster and move into new markets, but also benefit from Amit’s experience building Venmo and the Accel team’s broader experience from journeys with some of the world’s most successful B2C companies.

Image credit: Lydia