The French neobank stands out from the competition with an innovative system of rewarding its clients…
Do you know about neobanks? These are digital banks, at very affordable prices, which are mainly used via mobile phones, and which offer innovative services. In France, the neobank market is booming. According to a study by KPMG, clients’ motivation for choosing a neobank is mainly attractive prices, welcome bonuses, sponsorship and the possibility of opening an account immediately. Faced with competition, neobanks strive to differentiate themselves by offering innovative features to attract new customers.
With this in mind, the French neobank decided to stand out by offering a unique reward system in France. This initiative aims to attract potential customers by offering them the opportunity to earn money just by being customers of the bank. This neobank is none other than Sumeria, created as a result of the spin-off of the services of fintech Lydia. Indeed, on April 2, Lydia split its activities into two different apps: “Lydia” for historical transfers between friends and prize funds, and “Lydia Comptes” for banking services. On May 15, “Lydia Comptes” was renamed “Sumeria”, marking the birth of a new neobank in its own right.
The main innovation of Sumeria lies in rewarding current accounts. According to Cyril Chiche, president of Lydia Solutions, 500 billion euros are currently “sleeping” on current accounts in France. Sumeria thus becomes the first French player to offer compensation on these accounts. Until August, during the launch period, current accounts will pay 4% and then 2% from September. To benefit from this fee, users must make at least 15 transactions per month with their Sumeria card. The rate will be applied to the amount present on all Sumeria accounts of the user (current account, joint account, envelopes), up to a total limit of 100,000 euros.
In addition to this innovative functionality, Sumeria offers different types of accounts for free, from personal accounts to budget accounts and joint accounts. Opening an account only takes a few minutes, and the app is designed to be easy to use, including the ability to view your balance directly on your smartphone’s home screen. Sumeria also offers physical or dematerialized payment cards, as well as paid subscriptions that give access to insurance services or savings products.
For the development of Sumeria, Lydia Solutions plans to invest 100 million euros and employ 400 people in the next three years. The goal is to reach 5 million customers by 2027 and expand internationally, starting with Germany. Sumeria will face fierce competition, especially from England’s Revolut and Germany’s N26, but hopes to become the European champion thanks to its unique reward system.