Lydia introduces Sumeria: a neobank with current account rewards

Lydia Solutions, the French fintech behind the famous peer-to-peer money transfer application, announced on May 15 the launch of a new brand, Sumeria. A name that replaces and expands the Lydia Comptes offering, unveiled on April 2. “It’s an online account that goes back to the origins of deposit banking, declared Cyril Chiche, co-founder and president of Lydia Solutions, during a press conference held on April 15. (…) A service that is gradually neglected, abandoned, because it is not profitable as such.”

A rate of return of 4% until the end of August

Sumeria was created in reference to the Sumerian civilization, which minted the first coins as units of account. The fintech, which already has two million customers on its banking part (eight million in total), intends to cross the threshold of five million customers using Sumeria by 2027. To do this, it will invest 100 million euros over three years, based on equity and margins generated in the future. Lydia also plans to recruit 400 people, and has started an application for credit institution approval.


Lydia's new bank has a significant advantage: it pays for its customers' current accounts. A unique practice in France, which had been banned until 2005. The Court of Justice of the European Union had legalized this remuneration, considering that since a customer had to pay fees in the event of an overdraft, out of a duty of reciprocity, a bank should be able to pay him remuneration. “In total, there are 500 billion euros lying dormant in individuals’ current accounts”, affirms Cyril Chiche. The “call rate” stands at 4% until the end of August, before dropping to 2%.

Possibility of creating several current accounts

Two bank cards are offered, in partnership with Visa. One, silver, is free, while the premium card, black, with high ceilings and insurance, is available at 9.90 euros per month. Digital receipts are also available, and it is possible to create as many checking accounts as possible, depending on the type of use. Sumeria is already available on iOS and Android, and is compatible with Apple Pay and Google Pay, on mobile or connected watch.

The French unicorn also launched an unusual, optional feature: it allows a customer to see their balance appear directly from the unlock screen, or from the home screen in the form of widgets. A service which queries, with regard to the protection of personal data. Lydia says account details remain secure by a biometric facial recognition interface.

European ambitions

At the same time, Lydia is launching a new program, called Sumeria+. The idea is to allow the customer to better understand their budget, to “adopt sustainable savings habits and better manage (one’s) expenses”. This support is available for 4.90 euros per month (49.90 euros per year).


Lydia plans to make Sumeria “a European digital bank”, in the words of Cyril Chiche. To conquer the Old Continent, fintech first wants to strengthen itself in France, in particular through the opening of a permanent physical location. A necessary step to move towards other countries, “starting with Germany, which has more than 1000 retail banks”.

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