The mobile payments company was launched in 2013 and now has more than one million users with an average of 2,000 accounts opened daily.

It has become an essential app for users aged between 18 and 35 years old and aims to become a key part of Europeans' daily lives.

This funding round was led by CNP Assurances, which joined Lydia's existing investors – including XAnge, New Alpha AM, Oddo BHF and Groupe Duval – which all made follow-on investments.

The €13m raised will enable Lydia to develop new services and drive its growth in France, the UK, Ireland, Portugal and Spain.

Cyril Chiche, president and co-founder at Lydia, believed that it was one of the major players in the cashless revolution gaining pace across Europe.

“We'd like to thank our existing investors for their ongoing trust, and we are thrilled to welcome CNP Assurances onboard.

“These enriched means will allow us to go even faster and further towards providing the 500 million citizens of Europe with the best-adapted interface for their money.”

Hélène Falchier, head of private equity at CNP Assurances and director of Open CNP, added: “With innovative customer acquisition strategies and an unparalleled level of service, Lydia has been able to attract millennials and create a loyal community of Lydia app users.

“We are delighted to accompany Lydia on its expansion in France and across Europe, as well as to plan new mobile payment services together.”