Lithuanian fintech startup Kevin said Tuesday that it has raised $65 million in a Series A round led by Accel.
Kevin provides an advanced account-to-account payment infrastructure to replace costly card transactions. It aims to offer payment solutions that remove unnecessary intermediaries in the payment process. Kevin’s in-store offering has attracted interest because it does not require any changes on the merchant’s technical side: it uses existing POS terminal infrastructure and widely used NFC contactless payment technology.
CEO and co-founder Tadas Tamosiunas said the firm will use the money to continue expanding its international team as well as for developing new products.
The round also included Eurazeo and Kevin’s existing investors; OTB Ventures, Speedinvest, OpenOcean and Global Paytech Ventures. Additional investors were Harry Stebbings, founder of 20VC; Ilkka Paananen, CEO & co-founder of Supercell; Amitabh Jhawar, ex-CEO of Venmo, among other angels.
The fresh funding signals rapid growth for the startup, which raised a $10 million seed round just six months earlier. Kevin did not respond to requests for comment on its valuation.
Kevin joins its payment peers who have also raked in hefty funding rounds. In December, Ramp, the payments infrastructure crypto startup, closed a $52.7 million raise led by Balderton Capital. Fiat onramp company MoonPay also closed a $400 million round at an eye-popping $3.4 billion valuation in October.