- The Vilnius District Court in Lithuania has declared the payments infrastructure start-up Kevin insolvent.
- A bankruptcy case has been opened, with IS Group appointed as the insolvency administrator.
- Lina Nemeikaitė, assistant to the chairman of the court, confirmed that Kevin is unable to meet its financial obligations on time.
- Lukas Jakubonis, from the Bank of Lithuania, announced the bankruptcy news, calling it a sad end for a company once seen as a potential Lithuanian unicorn.
- The court and Kevin have been approached for comments regarding the insolvency.
- In July, the Bank of Lithuania had appointed a temporary representative to oversee Kevin’s activities and instructed it to halt payment services for new customers due to alleged delays in submitting audited annual reports.
- Kevin was co-founded in 2018 by Tadas Tamošiūnas (CEO) and Pavel Sokolovas, aiming to replace costly card transactions with account-to-account (A2A) payment infrastructure.
- The start-up raised $65 million in a Series A funding round led by Accel in 2022.
- In late 2023, Kevin opened an office in Dubai, targeting a 40-60% market share in the Middle East for in-store and online payments.
