![Lydia launches her bank with an interest-bearing current account and a free bank card Lydia launches her bank with an interest-bearing current account and a free bank card](https://cap.img.pmdstatic.net/fit/https.3A.2F.2Fi.2Epmdstatic.2Enet.2Fcap.2F2024.2F05.2F15.2F981b1456-d309-4281-b8cf-aa82f87320a1.2Ejpeg/1200x630/cr/wqkgSWxsdXN0cmF0aW9uIENhcGl0YWwvRnJlZXBpayAvIENBUElUQUw%3D/lydia-lance-sa-banque-avec-un-compte-courant-remunere-et-une-carte-bancaire-gratuite-1496745.jpg)
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The money transfer application Lydia officially becomes a banking player by deploying Sumeria. And becomes the only bank to offer remuneration for current accounts.
© Illustration Capital/Freepik
She enters the deep end. More than 10 years after its birth, the money transfer application Lydia formalized the launch of its bank, Sumeria, on May 15, in reference to the Sumerian civilization, the first to have set up a system of commercial accounts. The French unicorn is therefore definitively establishing itself in the banking landscape by renaming and enriching its “Lydia account” offer, freshly launched in April. To be able to win over 5 million customers by 2027 – “Lydia counts” already had 2 million – the fintech will invest 100 million euros in 3 years, financed from its own funds and its future margins, and will hire 400 people. It will also be able to tap into the 6 million users of “Lydia”, the application dedicated to transfers between individuals.
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A current account bearing 2%
Beyond this action plan, the company is counting above all on its new promise to attract the crowds: remunerating its customers’ deposit accounts. The end of the low interest rate environment allows it to activate this lever. “Establishments have gradually abandoned this unprofitable activity. However, 500 billion euros are currently sitting in individuals’ current accounts. We thus become the only bank to remunerate this money. welcomed Cyril Chiche, the president of Lydia, during a press conference held at the Hôtel de Crillon, in Paris, this Wednesday, May 15. The yield is set at 4% until the end of August, as a promotional offer, before settling at 2%.
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As with any current account, customers benefit from a bank card. Here, Visa. One, the gray model, is free. The other, black, costs 9.9 euros per month. The latter includes higher payment and withdrawal limits as well as more comprehensive guarantees than the basic offer. “And the account opening is done in 10 minutes, identity verification included”promises Antoine Porte, the general manager of Lydia.
A rounding savings system
The most demanding customers will also be able to take advantage of “Sumeria+”, a program billed at 4.9 euros per month allowing the creation of budgetary envelopes – also paid – as well as a round-up savings option to start building up your savings. heritage. Lydia is at the same time in the process of obtaining her credit institution approval, which will subsequently allow her to offer consumer loans, without necessarily needing to go through her current partner, Floa Bank. It is currently only a financing establishment.
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In a landscape of online establishments which has recently seen the disappearance of Ma French Bank and even Orange Bank, the president of Lydia is counting on the ease of access to its services to avoid suffering the same fate: “All the major digital revolutions have been based on a simple and inexpensive service, generating a low margin on large volumes. This is the model we chose.”
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