Lithuanian fintech startup kevin. banks over €61 million to disrupt payments sector and unlock open banking

The payments sector is undergoing many changes. New innovations, new customer demands and new purchasing habits have made this sector one full of exciting new developments. Now, there’s another big story in this space. Vilnius-based fintech startup kevin. has just secured over €61 million in its mission to shake up the sector.   

The Series A round was led by Accel, with participation from Eurazeo and previous investors that include OTB Ventures, Speedinvest, OpenOcean and Global Paytech Ventures. The round also includes angel investors like Harry Stebbings, Ilkka Paananen and Amitabh Jhawar. 

Founded in 2018, kevin. has a clear aim: to offer innovative payment solutions that cut out the middle man. The fintech firm provides a secure and developer-friendly payments infrastructure that’s accessible via an API. The innovative approach gives businesses the ability to accept payments directly from banks, cutting out the card networks and making the payments process cheaper, faster, smoother and more convenient. 

On a mission to disrupt the payments sector, and unlock the potential of open banking to a wide range of market players, kevin. has been growing at an impressive pace. The firm’s banking payments solutions are fully compliant with the PSD2 framework and are licensed to operate across the EEA.  

Recently, the startup has also entered the realm of payments at point-of-sale terminals in physical stores, introducing the first NFC A2A payment solution with a seamless user experience comparable to that of a card payment. The uniqueness of kevin.’s solution is that it doesn’t require any technical change by the merchant, it simply uses the existing infrastructure and the most commonly used NFC payment tech. 

The company has had an existing year, having now grown to over 170 employees spread across 30 countries. With this fresh funding, the team will continue to grow – planned to double by 2023 – as well as enter into new markets. 

Tadas Tamosiunas, Co-Founder and General Director said: “With this investment, we will continue to expand our international team of experts and developing products that are transforming the payments industry. We have big plans for the future and I’m sure our full suite of next-generation infrastructures for web, mobile and in-store payments will help businesses to gain a competitive advantage.”

Luca Bocchio, from Accel, said: “Tadas, Pavel and kevin.’s team are powering the future of payments with their next generation payment infrastructure: Offering a seamless and fast payment experience, with reduced costs and higher authentication rates, the time for A2A payments is now and kevin. has already achieved impressive momentum with its offering. With the launch of their unique point-of-sale payments product, the opportunity ahead is huge and we look forward to partnering with the team on their journey.”