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CNP Assurances acquires stake in French mobile payment solutions provider

CNP Assurances SA acquired a stake in French mobile payment solutions provider Lydia through its Open CNP corporate venture program.

The acquisition was made as a part of Lydia's €13 million funding round, with CNP noting that the investment is designed to help Lydia carry out its strategy of adding new users in France and Europe and building out its service offering.

Paris-based Lydia, which was launched in 2013 by Cyril Chiche and Antoine Porte, employs 40 people and has developed an instant mobile payment app targeted at peer-to-peer and business transactions. The company operates in France, Ireland, Spain, Portugal and the U.K. and says it has over a million users.

The deal represents the sixth investment by Open CNP, which is dedicating €100 million over five years to support startups.