Lydia rolls out new tools to let borrowers open lines of credit in a matter of seconds

French fintech startup, Lydia, rolled out an option for its users to open up small lines of credit within a matter of seconds.


December 12, 2018

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. 

Daily briefings, straight to your inbox

Business and tech news in 5 minutes or less

Join over 1 million people who read The Hustle

Psst

How'd Bezos build a billion dollar empire?

In 1994, Jeff Bezos discovered a shocking stat: Internet usage grew 2,300% per year.

Data shows where markets are headed.

And that’s why we built Trends — to show you up-and-coming market opportunities about to explode. Interested?

Join us, it's free.

Look, you came to this site because you saw something cool. But here’s the deal. This site is actually a daily email that covers the important news in business, tech, and culture.

So, if you like what you’re reading, give the email a try.