We need to talk about kevin. and its seed funding round
kevin., a Lithuanian startup which provides a payment infrastructure for online, mobile, and physical sales, has secured $10 million of capital in a seed funding round.
The investment, which brings the company’s total capital raised to $14 million, was co-led by OTB Ventures and Speedinvest.
Also joining the round were OpenOcean, Javier Perez’s Global PayTech Ventures, and AmRest founder Henry McGovern.
The cash will be used to develop kevin.’s product offering, particularly around PoS payments.
Its PoS product enables customers to pay from their bank accounts for goods in physical stores through card terminals using NFC technology, while merchants avoid card networks and save on transaction fees.
The new funds will also be used to expand into new markets. Currently, kevin. supports more than 2,700 merchants in 15 markets, including Sweden, Finland, Norway, Poland, Netherlands and Portugal.
By 2022, it expects to have operations in 28 markets, including in new territories such as the UK, Spain and France.
Tadas Tamosiunas, CEO and Co-founder at kevin., says: “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.”
Adam Niewinski, Managing Partner at OTB Ventures, comments: “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.”
Javier Perez, Founder at Global PayTech Ventures, states: “After a long career in the card payments industry, the increasing complexity of a cashless economy has brought its own problems – bureaucracy, inefficiency and ultimately higher costs for merchants and consumers.”
“kevin. is poised to change that, enabling innovation with an easily scalable solution throughout Europe. The potential for this business is vast.”
