Home Headlines kevin. Secures $10 Million Seed Round to Disrupt Card Payment Ecosystem

kevin. Secures $10 Million Seed Round to Disrupt Card Payment Ecosystem

by jcp

kevin., a Lithuanian fintech, focused on building a payment infrastructure based on open banking to compete with Visa and Mastercard, has secured a $10 million seed investment to support product development and new market expansion.

November 5, 2021. kevin., a Lithuanian fintech startup, which provides unique 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 investment, which brings the company’s total capital raised to $14 million, was co-led by OTB Ventures and Speedinvest, two of Europe’s leading venture capital investors in early-stage European technology companies. Also joining the funding round were OpenOcean, Javier Perez’s Global PayTech Ventures, and high net worth individuals including AmRest founder Henry McGovern.

kevin.’s advanced A2A (account-to-account) payment infrastructure solution was created to swiftly change costly card payments to payments linked directly from customers’ bank accounts without using any third-party providers. The company’s technology scales to businesses of any size and across industries, including retail, parking, fashion, car-sharing, deliveries, insurance and many more.

kevin. focuses on web, mobile and POS (point of sale) payments where customers predominantly pay using cards. Its payment infrastructure is based on open banking – regulated by the European PSD2 Directive – which requires all banks and financial institutions in the European Economic Area to open their API for licensed third-party providers. kevin. develops only own connections to the banks without using any third-party aggregators.

The proceeds from this investment will be used to further develop kevin.’s product offering, particularly around POS payments, the most awaited service in the market. The POS product will enable customers to seamlessly pay from their bank accounts for goods in physical shops through existing card terminals using NFC technology, while merchants avoid card networks and save heavily on transaction fees.

The new funds will also be used to expand into new markets. Currently, the company supports more than 2,700 merchants in 12 markets, including Sweden, Finland, Norway, Poland, Netherlands, and Portugal. By 2022, kevin. expects to have operations in 28 markets in total, including in new markets such as the UK, Spain, and France.

— Additional commentary — 

Tadas Tamosiunas, CEO and Co-founder at kevin., said: “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.”

Pavel Sokolovas, COO and Co-founder at kevin., said: “We are thrilled to bring on board a dream team of value-adding investors with tremendous expertise in the payments industry who support our vision. This accumulated experience will strengthen our platform and value chain, enhance the knowledge of kevin.’s team and accelerate growth.”

Adam Niewinski, Managing Partner at OTB Ventures, said: “kevin. is transforming the payments industry across Europe through its innovative product and extraordinary execution. We are excited to support kevin. through this next phase of growth, and this is a perfect example of our investment strategy to help emerging CEE technology companies scale globally. We are honoured to support Tadas and Pavel and their best-in-class engineering team to expand their solution and unlock opportunities for the world’s leading financial institutions.”

Charlie Boles, Senior Associate at Speedinvest, said: “kevin. is developing cutting edge technology to disrupt the global payments industry. The Company has assembled a fantastic team and developed a world-class product. We are excited to partner with Tadas and Pavel and the rest of the kevin. team for this next phase of growth.” 

Javier Perez, Founder at Global PayTech Ventures, said: “After a long career in the card payments industry, the increasing complexity of a cashless economy has brought its own problems – bureaucracy, inefficiency and ultimately higher costs for merchants and consumers. kevin. is poised to change that – enabling innovation with an easily scalable solution throughout Europe. The potential for this business is vast.”

About kevin.:

kevin. was created to evolve traditional card, pay by link, POS, direct debit, and online payments. Offering fully customizable transacting solutions which scale to the size of any business, kevin. helps improve customer experience and thereby conversion, while also saving money on the cost of acquiring payment services. kevin.’s services are currently available in 12 European countries, including Sweden, Finland, Poland, Spain, Netherlands, Baltics, and Portugal, where the company has a coverage of more than 85% of bank customers. The firm’s services will be available in 21 European Economic Area (EEA) countries by the end of 2021, and in 28 EEA countries by mid-2022. kevin. has a team of more than 100 employees in seven countries and it plans to expand its workforce to beyond 350 employees in 2022. The company holds a Payment institution license from the Central Bank of Lithuania enabling the provision of payments services across all EU member states.

For more information, please visit: https://www.kevin.eu/

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