The Vilnius-based fintech startup kevin. which provides an advanced A2A (account-to-account) payment infrastructure to replace costly card transactions, has recently announced securing excess of €61M ($64M) in Series A funding.
This Series A follows the company’s $10M Seed round just six months ago and brings kevin.’s total funding to $77M. Since then, the team has grown to more than 170 employees distributed across 30 countries. At this growth rate, the number of employees is set to almost double by 2023, with this funding playing a key role in making this happen. Furthermore, the funding will support the expansion into new markets.
This latest round was led by Accel, with participation from Eurazeo and other existing investors including OTB Ventures, OpenOcean, Speedinvest and Global Paytech Ventures. Additional investors in the round include Ilkka Paananen, co-Founder & CEO of Supercell, Harry Stebbings of 20VC and Amitabh Jhawar, ex-CEO of Venmo, among other angels.
Ever since its founding by Pavel Sokolovas and Tadas Tamosiunas in 2018, kevin. has been on a mission to offer innovative and convenient payment solutions which remove unnecessary intermediaries in the payment process. Leveraging the massive opportunity provided by open banking, the Lithuanian fintech is increasingly proving itself to be the leader in web and in-app A2A payments in the European Economic Area, where it boasts the broadest PSD2 bank API coverage on the market.
Accel’s Luca Bocchio, excited about his team’s investment remarked, “Tadas, Pavel and the kevin. team are powering the future of payments with their next-generation payments infrastructure.“Offering a fast, seamless payment experience, with reduced costs and increased authentication rates, the time for A2A payments is now and kevin. has already had impressive momentum with its offering.”
The startup just also recently stepped into POS terminal payments in physical stores by introducing the first-ever NFC A2A payments solution with a seamless user experience comparable to a card payment experience. kevin.’s A2A in-store payments solution bears its uniqueness in how it doesn’t require changes on the merchant’s technical side. Instead, it makes use of existing POS terminal infrastructure as well as widely used & most intuitive NFC payment tech. “With the launch of its unique POS payments product, the opportunity ahead is huge and we’re looking forward to partnering with the team on their journey!” added Accel’s Luca Bocchio.
kevin. already provides seamless web and mobile payments, supporting 6k merchants across 12 markets. By offering fully customisable solutions which scale to the size of any business, kevin. helps improve customer experience and thereby conversion, while also saving on the cost of payment acquiring services for merchants.
“We’re thrilled to receive such overwhelming support from everyone around us and having Accel and the team’s sector knowledge on board will help us achieve great results and grow even more. With this investment, we’ll continue expanding our international team of experts and developing products that are transforming the payment industry. 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.” remarked Tadas Tamosiunas, kevin.’s co-founder and CEO.