Initially thought of as a payment and reimbursement app between friends, Lydia has quickly diversified its offer to position itself as a real banking alternative. With this French “super-app”, it is now possible to buy crypto-currencies, starting at just one euro. An overview of the Lydia platform and its many features
What is Lydia, the latest French unicorn
In 2022, Lydia has established itself as the must-have solution for money exchanges between friends. Launched in 2013 by Antoine Porte and Cyril Chiche, the app has more than 6 million users worldwide, including a third of French 18-35 year olds.
Since its creation, the French start-up has raised $226 million from various investors, eventually reaching a valuation of $1 billion. Now a unicorn, Lydia aims to compete with traditional banks and brokers.
Recently, in a white label with Austrian platform Bitpanda, the French fintech also announced the arrival of a new trading feature on its app. From crypto-currencies to US start-ups, CAC 40 companies and ETFs, it is now possible to take your first steps into the world of investing with Lydia, starting at just one euro. These fractional investments in companies and ETFs are made possible by derivative contracts.
The “super-app” to replace your bank
Lydia has so revolutionised and facilitated payments and repayments between friends that it has become a new must-have for millions of French people. It’s simple, “Shall I make you a Lydia?” has now entered our daily vocabulary.
But in reality, did you know that Lydia’s services do not stop at those of a payment application? On the contrary, it has all the makings of a real mobile bank. In a very simple and uncluttered style, the interface is accessible to all, including novices, and offers many interesting features. An overview of the different services offered by Lydia
A current account, without necessarily leaving your bank
If Lydia has simplified your daily life with its fast payment system between friends, then why not do the same for the rest of your wallet, starting with your bank account? Indeed, Lydia now offers you to open a current account directly from its mobile application.
Don’t want to change your habits and close your current bank account? Don’t worry, you don’t need to change banks to take full advantage of all the benefits of the Lydia current account. On the contrary, you can simply link them together while enjoying the extra security provided by Lydia.
With the Lydia bank account, you can forget about the 2-day processing time to keep track of your accounts, to add beneficiaries or for your bank transfer to be processed. Your account balance is updated live and payments and transfers are instant and notified by the second.
Two paying packages are available: Lydia Blue and Lydia Black, giving you access to a wide range of services and benefits to make your daily life easier, especially with Lydia’s Visa card.
Lydia’s versatile Visa card
Compatible with your mobile payment services such as Apple Pay, Google Pay or Samsung Pay, Lydia’s customisable Visia card allows you to pay contactless directly from your phone. It is accepted at all Visa merchants and ATMs, and allows you to spend free of charge in countries around the world and in any currency.
And you won’t need to have multiple bank accounts, and the cards that go with them, to fit your needs. Lydia allows you to create as many sub-accounts as you need (personal account, Duo account, holiday account, etc.) and pay with one card.
No commission, no fees, no surprises: with the Blue and Black subscriptions, you won’t pay any fees on your spending abroad. And if you’re worried about security, there’s a feature that should put your mind at rest. For your online payments, you can opt for a virtual ephemeral card.
The Visa Internet cards offered by Lydia have automatically generated temporary payment numbers. They can be used for a single payment or for multiple online payments, depending on the settings you select at creation. If you choose single payment, the card will be deleted automatically after the payment is completed. This ensures that the purchases and payments you make on the Internet are protected.
Up to 6% cashback on your purchases
In addition to simplifying your daily payments, Lydia allows you to save money on all your purchases via the cashback principle. This service is totally free and accessible to all users, provided that you activate the option beforehand.
Depending on the store you visit, the cashback percentage rises to 30% on first orders and 6% on traditional orders. Moreover, if you pay with your Lydia card (the physical or virtual version), the cashback is boosted.
And the offer doesn’t stop there, as you have the possibility to get 1% cashback on your cryptocurrency investments, up to a limit of 150 euros refunded (until 30 June 2022). Indeed, if you didn’t know, Lydia now offers a stock trading service as well as buying and holding crypto-currencies.
Invest in the stock market and in cryptocurrencies with Lydia
Since the end of 2021, Lydia has added a new string to its banking “super-app” bow. As such, the app allows its 5.5 million users to simply access various financial products. In total, more than 1,000 assets are available on Lydia, ranging from US start-ups to CAC 40 giants to precious metals.
That said, it is the crypto-currency category that concerns us here. Whether you’re a novice or an expert, it’s possible to invest in the main crypto-currencies on the market, starting at just one euro. In addition, any holder of the Lydia Noir offer can enjoy a 1% cashback on their cryptocurrency investments, up to a maximum of 150 euros refunded per person, with a limit of 50 euros per month.
All of the trading features and products offered by Lydia are those of Bitpanda, directly integrated into the app. This partnership is made possible thanks to the white label solution of the Austrian exchange platform, which has been recognised in the market for its reliability for over 8 years.
Registered with the Autorité des marchés financiers (AMF) as a Service Provider for Digital Assets (PSAN), Bitpanda is a secure platform recognised for the reliability of its services.
How to access cryptocurrency trading on Lydia
First of all, you will need to install the Lydia app, available on Android and iOS. If you want to stop at Lydia’s initial services, all you need to do is fill in a phone number, your full name and an email. To go further, you will need to create an account and verify your identity (by providing a photo and a copy of your ID).
From your home page, simply click on the “Trading, Stock Market and Cryptocurrencies” button. Thereafter, you will need to complete the four steps required to access Lydia’s services. First, you will need to fill in your identity, income, capital and answer other questions about your investor profile.
Then, you will have to complete the identity verification by validating your ID and accept the terms of use. Finally, all you have to do is answer a few questions about your investment plans, and Lydia’s features will be open to you.
Signing up for Lydia’s trading service is just a few clicks
How to buy cryptocurrencies on Lydia
Once you have created your account, you will find a page with all the assets available on Lydia. Depending on your project, you can filter on “Companies”, “Cryptos” or even “ETFs”. In the tab dedicated to crypto-currencies, you just have to search for the asset you want to invest in and click on “Buy”.
In the window that opens, Lydia offers you a sheet summarising the important information you need to know about the asset in question. In particular, you will find the performance over the past year and the possibility of displaying the price on a daily, weekly, monthly or annual basis (example below with Ether).
You can also find financial data such as unit price, volatility and market capitalisation. Other more technical information is also available, such as the history of the project, its team, its ambitions, etc.
Buying cryptocurrencies on Lydia, in just a few clicks
To buy cryptocurrencies on Lydia, as shown in the image above, all you have to do is click on the “Buy” button and select the amount you wish to allocate. Of course, you will need to hold this amount on your Lydia balance.
Lydia makes the crypto market accessible to everyone
Lydia’s offering is one more step towards democratizing cryptocurrencies for everyone. By making investing in this asset class accessible to its 6 million users, directly on its app and in partnership with Bitpanda, Lydia is actively working towards the adoption of cryptocurrencies.
As a reminder, investing in cryptocurrencies is available on Lydia from as little as 1 euro. Whether you are a beginner or a seasoned investor, this solution can help simplify your regular cryptocurrency purchases. Moreover, if despite the 1,000 assets already available, the current offer does not satisfy you, Lydia diversifies it very regularly by adding new assets.
In addition, for holders of the Lydia Noir offer, the platform offers a 1% cashback on all your cryptocurrency investments. In addition to this, of course, there is the array of features offered by the French “super-app”, including a current account, paid savings, ephemeral cards on the internet, and many other benefits.
