Kevin is storming Europe with cheap payments
20:47
Lithuanian fintech Kevin tempts sellers with a lower commission per transaction. For the expansion, also in Poland, it received $10 million, incl. from the former Mastercard boss in Europe, and is already planning a larger round.
The company provides solutions that allow sellers to reduce commission for consumer transactions. By using the so-called open banking, allows you to transfer money directly between the accounts of stores and customers. A similar solution, Xelo Pay, is being prepared in Poland by Janusz Diemko.
Kevin has just finished the seed round – it emphasizes that one of the largest this year in Europe. Its leaders were OTB Ventures and Speedinvest funds. Among the investors, there were also: Henry McGovern (founder of AmRest), the OpenOcean fund, and the investment vehicle of Javier Perez, who managed Mastercard in Europe for a quarter of a century. In his opinion, Kevin – thanks to the innovation that is easy to scale – can solve the problem of bureaucracy and ineffectiveness in loan payments, which has been growing for years, which increase the costs for sellers and consumers.
"This confirms the legitimacy of our business model. At this stage, we focus primarily on building coverage – we already have the largest PSD2 coverage in Europe, because we started at the earliest. In Q1 2022 we want to operate in all European countries," Pavel Sokolovas, COO and co-founder of Kevin, said.
