FinTech Start-Up kevin. Secures $10 Million Seed Investment
kevin., the Luithian FinTech startup has successfully acquired $10 million in terms of seed funding.
A FinTech Start-Up kevin, that provides users with a unique payment infrastructure for mobile, online and physical sales has received seed investment of $10 million. The total capital of the Lithuanian start-up with this investment is raised to $14 million. Business Insider reported.
The funding round was led by Europe’s two top capital investors Speed Invest and OTB ventures, specialized in investing in early-stage of European technology companies. The other investment companies present were OpenOcean and Javier Perez’s Global PayTech Ventures. There were also some huge net worth individuals present. Like Henry McGovern founder of AmRest.
The purpose of the account to account (A2A) payment infrastructure solution made by kevin is to facilitate the users in making direct payments from their bank accounts without using third-party providers. The company primarily focuses on mobile and POS payments where customers mainly pay using cards currently. The start-up’s payment infrastructure is based upon the open banking regulated by the European PSD2 Directive, which directs all the financial institutions and banks to open their API for licensed third-party providers.
FinTech market no doubt is increasing at an exponential rate the stats indicate that by 2025 the market is expected to reach the value of $305 billion. This increase in the fintech market can be attributed to the fact that this technology is highly accessible and also cost-effective.
Consider this or not, but the financial sector is more about offering convenience than about spending money. So the fintech software in businesses provides the most convenient way of operating a banking business. In addition to this, the companies are also adopting fintech mobile apps to give their users a more reliable customer experience.
Kevin will use new funds to build out the product suite and expand into new markets.
Currently, the startup supports more than 2,700 merchants in 15 markets with the inclusion of Sweden, Finland, Norway, Poland, Netherlands, and Portugal. The company has robust expansion plans as by 2022, kevin. expects to have an operation in 28 markets in total with the inclusion of new markets such as Spain, France, and the UK. The company has 100 employees in seven countries and wants to expand its workforce to 350 employees by 2022.
Tadas Tamosiunas, CEO and Co-Founder at kevin. while discussing the success of 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.”
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