kevin. secures $10m seed round to disrupt card payment ecosystem
By Joy Dumasia
kevin., a Lithuanian FinTech startup that provides unique payment infrastructure for online, mobile, and physical sales, has secured $10 million of new capital in a seed funding round one of the largest in Europe. The investment, which brings the Company’s total capital raised to $14 million, was co-led by OTB Ventures and Speedinvest, two of Europe’s leading venture capital investors in early-stage European technology companies. Also joining the funding round were OpenOcean, Javier Perez’s Global PayTech Ventures, and high net worth individuals, including AmRest founder Henry McGovern.
kevin. ‘s advanced A2A (account-to-account) payment infrastructure solution was created to swiftly change costly card payments to payments linked directly from customers’ bank accounts without using third-party providers. kevin. Focuses on mobile and POS payments where customers predominantly pay using cards currently. Its payment infrastructure is based on open banking regulated by the European PSD2 Directive, which requires all banks and financial institutions to open their API for licensed third-party providers.
The proceeds from this investment will further develop kevin. ‘s product offering, particularly around POS payments, the most awaited service in the market. kevin. ‘s POS product will enable customers to seamlessly pay from their bank accounts for goods in physical shops through existing card terminals using NFC technology. At the same time, merchants avoid card networks and save heavily on transaction fees.
Tadas Tamosiunas, CEO and Co-Founder at kevin., said: “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.”
IBSi Prime News
November 26, 2021
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