kevin., a Lithuania-based FinTech company that designs unique payment infrastructure, has collected $10m in its seed funding round.
The round was co-led by European venture capital firms OTB Ventures and Speedinvest. Other contributions to the round came from OpenOcean, Global PayTech Ventures and a number of angel investors.
Following the close of the round, the company hopes to deepen its product offering, with a particular focus on POS systems. kevin.’s POS product will enable customers to pay from their bank accounts in physical stores through existing card terminals via NFC technology, while merchants avoid card networks and transaction fees.
In addition to the product launch, kevin. hopes to enter new markets. The FinTech company is currently used by 2,700 merchants in 15 markets, including Sweden, Finland, Norway, Poland, the Netherlands and Portugal. By 2022, it hopes to be present in a total of 28 markets, with plans to enter the UK, Spain and France.
The company has built account-to-account payment infrastructure solution that transforms payments to be directly linked from customers’ bank accounts without needing third-party providers.
kevin. CEO and co-founder Tadas Tamosiunas 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.”
With the close of the round, the company has raised a total of $14m in funding.
Fellow Lithuanian FinTech company Kernolab recently closed a $1m investment from Lighthouse Ventures. The company provides a banking-as-a-service that helps bridge FinTech and non-finance busines.
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