French fintech startup Lydia raises $100 million in Series C funding round

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French crypto-friendly fintech startup Lydia raised $ 100 million in Series C financial round, according to a report in TechCrunch.

The latest capital increase reportedly helped Lydia achieve unicorn status with a valuation of more than $ 1 billion.

The $ 100 million fundraiser comes nearly a year after its Series B financial round of $ 86 million in December 2020.

The round was led by investors Tencent and Accel and saw participation from Dragoneer and Echo Street. The fintech start-up aims to use fresh capital to expand its footprint in Europe. The company hopes to ship 10 million Europeans by 2025.

Lydia did not immediately respond to Cointelegraph’s request for comment.

The program began as a peer-to-peer cell phone payment program and later expanded to include cash and personal loans. The startup recently launched its stock and crypto trading services in partnership with Australian crypto exchange Bitpanda. The fintech app is similar to Cash App or Venmo in terms of functionality and currently boasts 5.5 million users.

Related: PayPal offers crypto payments for merchants, limited trading at Venmo.

The popularity of crypto payments in recent years has made fintech and mobile business apps the biggest winners. Several mobile payment giants and fintech business apps, such as PayPal, Robinhood and Venmo, have opened the door to crypto payments for millions of users and merchants.

Leading mobile payment service providers have already joined the crypto league, and now even local payment processors are looking to bank on the popularity of crypto. The Indian mobile payment processor Paytm has had recently expressed interest in crypto payments after clarity on government regulations.