French mobile payments provider Lydia has raised €13m in a new funding round led by CNP Assurances.

The latest funding increases the total amount raised by the firm to €23m. It will be used to support development of new services and expansion across the members of the European Union, including France, the UK, Ireland, Portugal and Spain.

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Launched in 2013, Lydia was initially deployed to enable free and instant transactions between friends.

Currently, it also allows in-store and online purchases, and offers a linked credit card to facilitate payments at places that do not accept Lydia.

Lydia president and co-founder Cyril Chiche said: “Now, more than ever before, Lydia is one of the major players in the cashless revolution gaining pace across Europe.

“We’d like to thank our existing investors for their ongoing trust, and we are thrilled to welcome CNP Assurances onboard.

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“These enriched means will allow us to go even faster and further towards providing the 500 million citizens of Europe with the best-adapted interface for their money.”