French payment app Lydia, with 8 million users, is expanding into the banking industry with its new product, Sumeria. Lydia has separated its services into two platforms: Lydia for peer-to-peer transactions and Sumeria for mobile banking.
The launch of Sumeria is part of Lydia’s ambition to disrupt the traditional banking sector, promising an improved banking experience characterized by simplicity, speed, and affordability.
The split allows for a more specialized service for customers. Lydia continues to facilitate P2P transactions, while Sumeria focuses on offering personalized banking services.
This strategic move solidifies Lydia’s position as a major player in Fintech innovation and reflects its growth plans within the banking industry’s digital evolution.
The shift towards mobile banking was triggered by user feedback and a significant capital raise of €235 million ($255 million). Lydia plans to monetize its services throughout 2022 and 2023.
Despite this expansion leading to the inclusion of advanced banking features in the app, which some users found complex, 2 million users adopted the new features, boosting the company’s revenue.
Following user feedback, Lydia introduced a separate app for simpler peer-to-peer transactions, while transforming its main app, now Sumeria, into a comprehensive financial services platform.
Sumeria offers a range of financial services, including personal loans, investments, and insurance.
Lydia introduces Sumeria mobile banking
It allows users to manage both daily transactions and long-term financial planning within a simple, user-friendly interface. The Lydia app focuses on facilitating quick and simple transfers between peers.
The Sumeria app features a user-friendly interface that displays an adjustable digital wallet, main account balance, and transaction history. The Sumeria app also allows users to customize notifications and account settings according to personal preference.
Co-founders, Cyril Chiche and Antoine Porte, believe the move into banking was driven by the potential for Lydia to exceed traditional banking experiences. This shift comes after the company admitted past mistakes in response to public allegations. The launch of Sumeria signifies a fresh beginning for Lydia, and a commitment to enhancing user experience.
