Payments infrastructure start-up Kevin reportedly declared insolvent by court in Lithuania

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.