Lydia selects Marqeta to power its new digital banking app Sumeria
Lydia Solutions, the French fintech behind financial services app Lydia, has expanded its partnership with California-based card issuing platform Marqeta by selecting the firm to power its new digital banking application Sumeria.
Lydia’s Sumeria app is being powered by Marqeta
Introduced last month, Sumeria will offer users an online account with 4% interest on cash balances for the first three months, with the ambition to service five million customers by 2027.
Marqeta, which first partnered with Lydia Solutions in 2019 to power its peer-to-peer payments app, claims that its technology ensures “security and compliance while issuing tokenised, virtual, and physical cards for Sumeria customers that provide detailed, real-time views into their accounts and transactions”.
Moving forward, Sumeria plans to “expand quickly throughout Europe”, aiming to enable users across the continent to keep the same bank account if they relocate to another supported country, eliminating the need to open new local bank accounts.
Founded in 2010, Marqeta’s card issuing solution has been in demand this year. In April, the UK challenger OakNorth enlisted Marqeta to facilitate the launch of its small and medium-sized business (SMB) commercial card programme.
