Kevin declared insolvent by Vilnius District Court

The Vilnius District Court in Lithuania has declared the payments infrastructure start-up Kevin insolvent, as reported by 15min. The court has opened a bankruptcy case with IS Group appointed as insolvency administrator. Lina Nemeikaitė, assistant to the chairman of Vilnius District Court, confirmed that Kevin is currently unable to meet its financial obligations on time. The Bank of Lithuania had previously appointed a temporary representative to oversee Kevin’s activities and halted payment services to new customers due to delays in submitting audited annual reports.

Co-founded in 2018 by Tadas Tamošiūnas and Pavel Sokolovas, Kevin aimed to replace costly card transactions with account-to-account (A2A) payments and had secured $65 million in Series A funding in 2022. The start-up recently opened an office in Dubai with plans to capture a significant market share for in-store and online payments in the Middle East.

Source: FinTech Futures