Lithuanian PayTech startup kevin. has secured $10m from a seed funding round co-led by OTB Ventures and Speedinvest.
The round also saw participation from OpenOcean, Global PayTech Ventures and Henry McGovern, the founder of AmRest. According to kevin., this seed funding round was one of the largest in Europe.
Founded in 2017, kevin. provides users with a secure and developer-friendly payments infrastructure that can be accessed through an API. The company claims it gives businesses the ability to accept payments directly from banks, cuts out the card networks and makes payment cheaper and faster.
kevin. currently supports over 2,700 merchants across 12 markets, including Sweden, Norway, Finland, Poland, Portugal and the Netherlands. The firm aims to have operations in 28 markets in total by 2022, including new markets in the UK, France and Spain.
According to kevin., it intends to use the proceeds to further develop its product offering – particularly around point-of-sale payments. The firm claims its POS product will enable customers to seamlessly pay from their bank accounts for goods in physical shops through existing card terminals using NFC technology. The company will also use the capital to expand into new markets.
kevin co-founder and CEO Tadas Tamosiunas 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.”
OTB Ventures managing partner Adam Niewinski added, “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.”
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