Lydia attaches stock trading and encryption to her payment application

Lydia attaches stock trading and encryption to her payment application

And it’s been working well as Lydia now has 5.5 million users.

French startup Lydia is entering an entirely different category by adding exchanging to its monetary super application in the not so distant future. The organization is partnering with Bitpanda for this feature. Lydia clients will actually want to purchase, hold and sell American and European shares, valuable metals, digital currencies and ETFs. Lydia began as a peer-to-peer payment application that allows you to send and get cash immediately from a portable application. It has added more highlights over the long run, for example, check cards, IBANs, cash pools, cashback, gifts, individual credits, etc. Like Venmo or Cash App in the U.S., the organization draws in new clients with peer-to-peer payments and afterward opens them to more elements and monetary items that they can get to directly from the application.

A couple of months in the past, Lydia launched savings accounts powered by Cashbee. It’s a superb outdated fixed-rate financial savings account that provides 0.6% in pursuits. It’s not a lot, however it’s higher than leaving it in your most important Lydia account.

And but, the function has been working nicely. On common, customers who open a financial savings account in Lydia put 1000’s of euros on that account. The subsequent logical step is buying and selling, which introduces extra dangers however higher potential returns.

“If you wish to purchase belongings proper now, it’s too sophisticated,” Lydia co-founder and CEO Cyril Chiche advised me. “Even simply accessing these markets is sophisticated. It takes you many days to register and confirm your account. After that, it’s important to ship cash. After which, there are minimal quantities.”

With Lydia’s buying and selling function, making a buying and selling account takes only a few faucets within the app. You don’t need to ship a photograph of your passport once more, you don’t need to create a brand new account with a separate password.

After that, you should buy your first share — or fraction of a share — for as little as €1. Lydia and Bitpanda provide fractional shares in French, European and American corporations. You should buy valuable metals, corresponding to gold, platinum, silver and palladium. You possibly can put money into bitcoin, Ethereum and dozens of other crypto assets — it’s value noting that Bitpanda began as a crypto buying and selling firm. Lastly, you can even entry trackers (ETFs).

Primarily, if there’s an asset that’s accessible by a Bitpanda account, you can even entry it by your Lydia account. Charges are the identical on Lydia and Bitpanda. There are not any charges concerned with fractional shares however there are some fees for cryptocurrencies and valuable metals.

“We met with lots of potential companions and we realized that we had lots of issues in frequent [with Bitpanda],” Chiche stated. It’s a win-win partnership as Bitpanda can even use Lydia as a solution to promote its white-label service and combine buying and selling in different apps. Each corporations have agreed to share income that comes from Lydia customers profiting from the buying and selling function.

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