French cryptocurrency-friendly fintech startup Lydia has raised $ 100 million in a Series C funding 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 $ 86 million Series B funding round in December 2020.
The round was led by investors Tencent and Accel and featured participation from Dragoneer and Echo Street. The fintech startup aims to use fresh capital to expand its presence in Europe. The firm expects to have recruited 10 million Europeans by 2025.
Lydia did not immediately respond to Cointelegraph's request for comment.
The app started as a peer-to-peer mobile payments app and later expanded to include personal loans and repayments. The startup recently launched its crypto and equity trading services in partnership with Australian cryptocurrency exchange Bitpanda. The fintech application is similar to Cash application or Venmo in terms of functionality and currently has 5.5 million users.
Related: PayPal to Offer Crypto Payments for Merchants, Limited Trading on Venmo.
The popularity of crypto payments in recent years has made fintech and mobile commerce apps the biggest winners. Various mobile payment giants and fintech business applications, such as PayPal, Robin Hood and Venmo, have opened the doors for crypto payments for millions of users and merchants alike.
Major mobile payment service providers have already joined the crypto league, and now even local payment processors are looking to gamble on the popularity of crypto. Indian mobile payment processor Paytm had voiced interest in crypto payments following clarity of government regulations.
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