Lithuania’s kevin. scores $65m second funding round in 6 months

Lithuanian FinTech startup kevin. has raised $65m for its Series A funding round, which comes six months after its $10m seed round.

The newest capital injection was led by Accel, with contributions also coming from Eurazeo. All of kevin.’s existing investors, including OTB Ventures, Speedinvest, OpenOcean, and Global Paytech Ventures, joined the round.

Several angel investors also supplied capital to the Series A, including 20VC founder Harry Stebbings, Supercell CEO and co-founder Ilkka Paananen and former Venmo CEO Amitabh Jhawar.

With the funds, the company is looking to expand its international team and develop new products.

Founded in 2018, kevin. aims to build an innovative and convenient payment solution that removes unnecessary intermediaries in the payment process. Its API-based payment infrastructure lets companies accept payments directly from a bank.

It recently entered the in-store POS terminal payments space through its first-ever NFC A2A payments solution.

The FinTech company previously raised $10m in its seed funding round in November 2021. Since then, kevin. has grown its team to over 170 employees, spread across 30 countries. It plans to double its team by 2023.

kevin. co-founder and CEO Tadas Tamosiunas said, “We have big plans for the future and I’m confident that our full suite of next-generation infrastructure for web, mobile and in-store payments will help businesses gain a competitive edge.

“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.”

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