Lithuanian paytech kevin. raises €1.5m in seed funding
Lithuanian fintech start-up kevin. has closed out a seed funding round worth €1.5 million.
Kevin. aims to compete with card networks for online, direct debit, and pay by link. It operates via a payments licence from the Central Bank of Lithuania.
The firm is a winner of the Mastercard Lighthouse fintech accelerator. It has raised a total of €3.4 million since 2017.
It aims to cut out middlemen in the mobile payment space and prevent extra fees to firms relying on users’ card payments.
Kevin. believes that it can carve out a niche among businesses that provide low-price services and can’t afford to pay 10% on each payment to card networks.
The company charges seven cents, plus 1% of the transaction amount. It already has a deal with UniPark, the largest parking operator in the Baltics, for in-app payments.
The start-up operates in Lithuania, Estonia, Latvia, Poland, the Netherlands, and Portugal. It plans a full European rollout by Q4 2021.