If you live in the U.S., chances are you use apps like Venmo and Cash App to pay back your friends or split the bills with your roommates. Lydia is a French startup that also turned payments into a mobile consumer app and service. Now, after reaching 8 million users, the company finds itself in an interesting position. Does it want to add more financial services to grow its average revenue per user? Or does it want to simplify its app to make sure that as many people as possible use Lydia to send and receive money from their phones? The company has essentially decided that it doesn’t want to pick one option over the other. That’s why Lydia is launching a challenger bank, Sumeria, and splitting itself into two apps — Lydia for peer-to-peer payments and Sumeria for people who are looking for a mobile-first bank account.
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