Lydia Enters Insurance

Paris-based P2P payment app Lydia is collaborating with its backer and partner CNP Assurances to offer coverage for mobile devices in less than two minutes through its app. Now, users can cover their smartphones against accidental damage for under €1 per week and/or add extra coverage against theft for electronic devices (laptop, tablet etc.) for €9.99 per month. “No excesses, no commitments, no waiting time.” However, smartphone damage is covered up to €500 and coverage for mobile devices is covered up to €1,800; with a maximum of 2 claims per year.

Established in 2013, Lydia has raised ~$29m from several investors including Open CNP for its instant payment app that allows users to pay friends and family (think: Venmo), create online money pots (think: Monzo), and monitor bank accounts. It is used by over 1.5m users with over 3,500 accounts opened every day.