Techcrunch reports that French fintech startup Lydia will partner with Banque Casino today for ‘micro’ credit lines. As of today, Lydia users in France will be able to borrow as much as €1k ($1,131 USD) in a matter of seconds.
Back in February, the company secured a $14.7m (€13m) funding round to help fast-track cashless payments in Europe. This may be an outcome.
WHO IS SHE
Lydia started as a peer-to-peer money transferring app, but, as with most payment apps, it was only a matter of time until Lydia offered credit. How the heck else are they gonna make money?
The credit feature lets you borrow between €100 and €1k, allowing users to reimburse that credit line over 3 months.
The main differentiator is convenience
Classic. Lydia gives users the option to get their money instantly for a fee, or wait a few weeks and waive that sucker.
Seems like a financial disaster waiting to happen — but, let’s hope the people lookin’ for a quick hit are actually good for it.