Lydia to get €40 million in Series B funding led by China-based tech company Tencent

Lydia, a Paris, France-based neo-bank, announced securing a capital raise of €40 million in Series B funding.

The money was raised from investors led by China-based tech company Tencent.

Previous investors Open CNP by CNP Assurances, XAnge and New Alpha also participated and remain committed to support Lydia’s innovative vision.

The company will use the Series B funding to scale its mobile financial services platform and expand across Europe.

Lydia, founded in 2013 by CEO Cyril Chiche and Antoine Porte, provides mobile payment solutions to individuals and businesses in five European countries: France, United Kingdom, Ireland, Spain and Portugal. The company has 3 million users in France and its brand being used as a verb for mobile P2P payments.