Payments infrastructure start-up Kevin reportedly declared insolvent by court in Lithuania
The Vilnius District Court in Lithuania has reportedly declared payments infrastructure start-up Kevin insolvent, according to regional news outlet 15min.
Kevin reportedly declared insolvent by Vilnius District Court
15min reports that the court has now opened up a bankruptcy case with IS Group appointed as insolvency administrator.
The report says the news was confirmed by Lina Nemeikaitė, assistant to the chairman of Vilnius District Court, who told 15min that the court concluded that Kevin is “currently insolvent” and unable to meet its financial obligations “on time”.
Meanwhile, Lukas Jakubonis, chief business development officer at the Bank of Lithuania (Lietuvos Bankas, the country’s central bank), wrote on LinkedIn that “our local media announced that Kevin has gone bankrupt”.
“A court official confirmed that a bankruptcy case has been opened. This marks a sad end for a company many had once considered to be the next Lithuanian unicorn,” he writes.
The Vilnius District Court and Kevin have been contacted by FinTech Futures for comment.
The news comes after the Bank of Lithuania said in July that it had appointed a “temporary representative to oversee the activities” of Kevin and “instructed the institution not to provide payment services to new customers” amid alleged delays around the submission of the fintech’s audited annual reports.
Co-founded in 2018 by former banking exec Tadas Tamošiūnas (CEO) and Pavel Sokolovas, Vilnius-based Kevin seeks to replace costly card transactions with its account-to-account (A2A) payment infrastructure.
It previously bagged $65 million in a Series A funding round led by Accel in 2022.
In late 2023, it opened an office in Dubai. “Long-term, our goal is to become the primary payment infrastructure in the Middle East,” the start-up stated on LinkedIn. “By combining our technology with strong local partnerships, we aim to capture a 40-60% market share for in-store and online payments.”
