Lithuanian fintech Kevin declared bankrupt by Vilnius Regional Court

Lithuanian fintech Kevin, which provides payment solutions to businesses, has been declared bankrupt by the Vilnius Regional Court. Five plaintiffs, including AV Holding doo, Lithuanian AWS partner Cloudvisor and a solution integrator TeraSky Baltic, filed for bankruptcy proceedings against Kevin. After reviewing the evidence, the court concluded that the Lithuanian startup is currently insolvent and unable to meet its financial obligations on time.

The Vilnius Regional Court appointed IS Group as the insolvency administrator.

Founded in Vilnius in 2018 by Tadas Tamosiunas and Pavel Sokolovas, Kevin provides solutions for businesses to make account-to-account payments. The company's technology focuses on developing traditional cards, payments by link, point-of-sale (POS), direct debit, and online payments. Kevin provides payment services, including payment initiation. When a customer wants to pay for a purchase on a merchant's website, the startup's solution redirects him to his online bank via the startup's solution to complete the payment. The Lithuanian fintech operates in Vilnius, Warsaw, London, Berlin, Amsterdam, and Dubai. In 2022, Kevin raised €65M in Series A from the US-based VC Accel with participation from Paris-based investment group Eurazeo. One of the Baltic startup investors is the Estonian accelerator and fund Startup Wise Guys.