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Friday, January 21, 2022

Lithuanian FinTech raises one of the largest seed rounds in Europe

kevin., a Lithuanian FinTech startup that provides a payment infrastructure for online, mobile, and physical sales, has secured $10 million of new capital in a seed funding round one of the largest in Europe. The round was co-led by OTB Ventures and SpeedInvest. Also joining the funding round were OpenOcean, Global PayTech Ventures. This round brings total investment into the company to $14 million.

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kevin. ‘s account-to-account payment infrastructure solution was created to change pricey card payments to payments linked directly from customers’ bank accounts without using third-party providers. kevin. Focuses on mobile and Point-of-sale payments where customers mainly pay using cards currently. Its payment infrastructure is based on open banking regulated by the European PSD2 Directive, which requires all banks and financial institutions to open their API for licensed third-party providers.

The funds will be used to further develop kevin.’s product offering, particularly around POS payments, the most awaited service in the market. kevin.’s POS product will allow customers to seamlessly pay from their bank accounts for goods in physical shops through existing card terminals using NFC technology. At the same time, merchants avoid card networks and increase savings on transaction fees.

Tadas Tamosiunas, CEO and Co-Founder at kevin., commented:

 “Seamless customer experience is at the heart of every payment. We are seeing huge demand for our services, with customers now seeing up to 40% of transactions being made directly through pre-linked bank accounts in mobile apps and more than 70% switching from cards to A2A in online payments. I am grateful to our growing team of software developers who continue to build the product that enables our clients to make the world of payments faster and safer.”

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