French mobile payment app Lydia has selected Tink as its open banking technology partner to leverage access to PSD2 APIs across Europe. Tink and Lydia are now working together on streamlined bank account connectivity that will improve the user experience of the app. This new open banking connectivity will be rolled out to Lydia’s 4 million users in the coming weeks.
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 worth 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.”
Since launching in Sweden in 2012, Tink has been dedicated to enabling banks, fintechs and start-ups to develop data-driven financial services. Through one API, Tink allows customers to access aggregated financial data, initiate payments, enrich transactions and build personal finance management tools. Today, Tink has more than 270 employees globally and is Europe’s leading open banking platform — enabling customers to connect to more than 2,500 banks that reach over 250 million bank customers across Europe.
“We are excited to team up with one of Europe’s leading payment fintechs and become their open banking technology provider,” said Daniel Kjellén, co-founder and CEO of Tink. “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.”