How French fintech Lydia's savings account partnership boosts its super app ambitions

<bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><p>Lydia, which started out as a peer-to-peer payments platform, teamed up with French fintech Cashbee to offer savings accounts,&nbsp;<u><a href="https://techcrunch.com/2021/06/11/lydia-partners-with-cashbee-to-add-savings-accounts/" target="_blank" rel="noopener">per</a></u> TechCrunch. Users can open savings accounts through a mobile app and transfer money back and forth between bank accounts and their Cashbee accounts.</p><p><img style="float:right;" src="https://static4.businessinsider.com/image/60c8a27c6d855e0018158119-922/eMarketer-growth-time-spent-with-finance-apps-among-android-users-select-countries-2020-change-vs-prior-year-262810.jpeg" border="0" alt="Chart showing the growth in time spent with finance apps among android users" data-mce-source="Insider Intelligence" data-mce-caption="Time spent with finance apps among android users continues to grow."></p><p>The savings accounts on Lydia's platform are at a competitive disadvantage to Cashbee, but Lydia's extensive financial services could offer a streamlined user experience. Lydia's savings account comes with an interest rate of 0.6% and a 2% introductory rate for the first two months. But opening a savings account with Cashbee directly gives users the same introductory rate for three months.</p><p>Users also have to deposit at least 1,000 ($1,140) with Lydia's savings account offering, while Cashbee has a minimum of just 10 ($11.40), giving it a wider addressable market. That said, Lydia's existing customers who open a savings account don't have to download a separate app like Cashbee and can have all their financial services in one place.</p><p>The partnership is mutually beneficialgiving Cashbee access to a larger customer base and helping Lydia become a fintech super app.</p><ul><li><strong>Lydia already has 5 million users who will now be exposed to Cashbee's savings accounts.&nbsp;</strong>Cashbee only offers savings accounts on its proprietary platform, so this gives Cashbee a nice opportunity to diversify its customer acquisition channels.</li><li><strong>Lydia has been busy adding new services to its platform to cover all of its customers' financial needs.&nbsp;</strong>It recently&nbsp;<u><a href="https://techcrunch.com/2020/12/16/lydia-raises-another-86-million-to-build-european-financial-super-app/" target="_blank" rel="noopener">added</a></u> a debit card, account aggregation, and donations to its payments platform. It also <u><a href="https://lydia-app.com/en/products/loan-credit" target="_blank" rel="noopener">offers</a></u>&nbsp;loans via fintech partnerships, and with Cashbee, it's moving closer to becoming the primary hub for all financial needs, creating a stickier value proposition and additional revenue streams.</li></ul><p><strong><em>Want to read more stories like this one' Here's how you can gain access:</em></strong></p><ol><li>Join other Insider Intelligence clients who receive Fintech forecasts, briefings, charts, and research reports to their inboxes each day. <a href="https://www.insiderintelligence.com/become-a-client/'IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=bottom_bullets&amp;itm_term=enterprise_text_link-lydia-eyes-super-app-status-with-savings-account-partnership-2021-6">&gt;&gt;&nbsp;<strong>Become a Client</strong></a></li><li>Explore related topics more in depth. <a href="https://store.businessinsider.com/collections/fintech'IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=bottom_bullets&amp;itm_term=store_text_link-lydia-eyes-super-app-status-with-savings-account-partnership-2021-6">&gt;&gt;&nbsp;<strong>Browse Our Coverage</strong></a></li></ol><p><em>Current subscribers can access the entire Insider Intelligence content archive <a href="https://subscriptions.emarketer.com/">here</a>.</em></p><p><a href="https://www.businessinsider.com/lydia-eyes-super-app-status-with-savings-account-partnership-2021-6#comments">Join the conversation about this story &#187;</a></p>
Click here to read full news..