Tink and French payment Fintech Lydia enter European Open Banking partnership
France’s leading mobile payment app Lydia has selected Tink as its open banking technology partner to leverage access to PSD2 APIs across Europe.
Following the partnership, Lydia will use Tink as its main open banking technology provider, for enhancing the app’s connectivity and adding new services. As a first step of the partnership, Tink’s account aggregation and payment initiation services are being integrated into the Lydia app. This will improve the way users connect their accounts across multiple banks, manage payment beneficiaries and initiate bank transfers without leaving the app.
Launched in 2013, the Lydia app allows users to receive, send and manage all of their money simply and conveniently. Lydia has a 25% market share among French millennials and more than 5,000 new users sign up to the app every day. The French mobile payment app processes €250 million of transactions per month.
Cyril Chiche, co-founder and CEO of Lydia, said: “We are proud to partner with a global open banking leader like Tink, that can support us in our international growth. By teaming up with Tink, we aim to give Lydia’s users the best possible user experience and allow them to easily manage their financial daily lives within our app. We look forward to working with Tink to create an improved and seamless experience for our users.”
Daniel Kjellén, co-founder and CEO of Tink, added: “We are excited to team up with one of Europe’s leading payment fintechs and become their open banking technology provider. By working together, we will make our open banking technology available to Lydia’s 4 million users. We look forward to supporting Lydia in their expansion in France and across borders.”