French challenger bank Lydia has raised over $100mn in its most recent funding round.
In Brief:
This makes it France’s latest FinTech unicorn with a $1bn valuation.
The challenger bank currently has 5mn users and says it aims to double this.
To achieve this, it will hire up to 800 people in the coming “few years”.
What does this mean?
Currently Lydia is used by one in three 18-35 year olds, so there is a lot of work to do before it truly expands its user base – particularly as the focus is on making Lydia the “main account” for all its customers, something most challengers are struggling to crack.
