As sectors continue to digitize, it’s worth noting that the payments sector isn’t left out of this transition. Fuelled by new innovations, new purchasing habits and new customer demands have made this financial space one full of existing new developments. However, based on emerging news, startup Kevin. has just scored over €61 million in its attempt to shake up the sector.
Founded in 2018, the Vilnius-based startup is believed to have a clear aim: to offer innovative payment solutions that eliminate the need for the middle man. Kevin. provides a secure and developer-friendly payments infrastructure that’s accessible via API. This offer businesses the ability to accept payments directly from banks by cutting out the card networks that make the payments process cheaper, smoother, faster, and more convenient.
The subject startup is on a mission to disrupt the payments sector, and, in turn, unlock the potential of open banking to a wide range of market players, equally, regarding the firm’s growth, the pace has been impressive. The firm’s banking payments solutions are fully compliant with the PSD2 framework and are licensed to operate across the EEA.
The Series A round was led by Accel, with participation from Eurazeo coupled with previous investors such as Speedinvest, OTB Ventures, OpenOcean, and Global Paytech Ventures. The latest round also witnessed the participation of angel investors like I1kka Paananen, Harry Stebbings, and Amitabh Jhawar.
Also in an attempt to double down on its mission, startup Kevin. has entered the realm of payments at the point-of-sale terminal in physical stores, paving way for a comparable card payment by introducing the first NFC A2A payment solution with a seamless user experience. However, the icing on the cake about Kevin.’s solution is the fact that it doesn’t require any technical change by merchants, notably because it uses the existing infrastructure and the most commonly deployed NFC payment technology.
In view of this development, the Co-Founder and General Director ‘Tadas Tamosiunas’ said: “With this investment, we will continue to expand our international team of experts and developing products that are transforming the payments industry. We have big plans for the future and I’m sure our full suite of next-generation infrastructures for web, mobile and in-store payments will help businesses to gain a competitive advantage”.
‘Luca Bocchio’, from Accel commented: “Tadas, Pavel, and kevin.’s team are powering the future of payments with their next-generation payment infrastructure: Offering a seamless and fast payment experience, with reduced costs and higher authentication rates, the time for A2A payments is now and kevin. has already achieved impressive momentum with its offering. With the launch of their unique point-to-sale payments product, the opportunity ahead is huge and we look forward to partnering with the team on their journey”.
The company now has over 170 employees spread across 30 countries, thanks to the fresh fund, it plans to double this number by 2023 as well as enter into new markets.
- What’s your view about this development!