Kevin., a Lithuania -headquartered account-to-account payments Fintech, has acquired $65 million via a Series A round that has been led by Accel.
Eurazeo, OTB Ventures, Speedinvest, OpenOcean, Global Paytech Ventures, and a host of angels joined the company’s latest investment round, which has come only six months after a $10 million seed funding round.
Established in 2018, kevin. is reportedly planning to capitalize on or take advantage of Open Banking and challenge the card networks with its A2A product offering.
The Fintech currently supports 6,000 merchants across 12 different markets for web as well as mobile payments.
Now it is stepping into POS terminal payments in physical stores by offering what it refers to as the first-ever NFC A2A payments offering that requires no changes on the merchants’ technical side.
With the additional capital in place, kevin. is now looking to nearly double the size of its 170+ professional team and launch into various other markets.
Tadas Tamosiunas, CEO at kevin., stated:
“Given the fact that the implementation of the A2A in-store payments solution is quick and cost-effective, we forecast rapid roll-out and scale. By the end of this year, we aim to secure 35% coverage of POS payment terminals across Europe and look to achieve more than 85% by the end of 2023. This is equivalent to the current coverage of major card schemes.”
As noted by the firm’s management, kevin. is a payments fintech that provides “a secure and developer-friendly payments infrastructure accessible via an API.”
They give businesses the ability “to accept payments directly from banks, cutting out the card networks and making payments process cheaper, faster, smoother and more convenient.”
Their aim is “to disrupt the payments sector, unlocking the potential of open banking to a wide range of market players.”
Their banking payments solutions “outcompete card networks on both quality and price and are fully compliant with the PSD2 framework. kevin. is licensed to operate across the EEA and is supervised by the Bank of Lithuania.”
In October 2021, kevin. secured $10 million in a seed funding round “co-led by OTB Ventures and Speedinvest.”
kevin. doesn’t only disrupt the payment systems, they also claim to “disrupt the ideas of corporate work.”
They “removed the strict schedule of corporate life – [they] choose [their] own working hours and place we do our job from.”
But they did keep the corporate benefits they love the most: “good salary, like-minded community, health insurance, stability, safety & nice office space.”
kevin. is not only a platform for payments, it’s also “a platform for [their] over 150 (and growing) employees to build their careers.”
They further claim to be “a successful startup, still young, with so much potential to grow.”