Check out the Fintech Pitch Deck Kevin, backed by the former president of Mastercard in Europe, used to raise $ 10 million.
- Lithuanian fintech Kevin raised $ 10 million in a funding round led by OTB Ventures and Speedinvest.
- The startup wants to remove the reliance on bank cards and instead use account details for payments.
- Get an exclusive look at the pitch deck used to convince investors to support the startup.
A fintech that aims to do away with bank cards as payment intermediaries raised $ 10 million in a round table supported by a former president of MasterCard.
Lithuanian startup Kevin allows customers to make payments directly from their bank accounts by linking them to a merchant’s account. The company, founded in 2018, says its technology will speed up the pace of transactions and also reduce fees charged by card issuers like Visa and MasterCard.
Starting the payment infrastructure relies on bank account information instead of card details. Much of this is due to not being dependent on a physical card, which could be lost or stolen, and Kevin also claims that payments arrive at accounts in hours rather than days and his fees are lower. students.
The Lithuanian fintech will use the new money to launch a point-of-sale system, which will allow consumers to use Kevin for in-person transactions at existing card machines via NFC. It will work like Google Pay, but the payment comes directly from an account instead of a bank card.
The round was co-led by OTB Ventures and Speedinvest, both of which invest in European technology start-ups. Global PayTech Ventures of former MasterCard chairman Javier Perez also supported the startup alongside B2B software investor Open Ocean and Henry McGovern, the founder of European coffeehouse chain AmRest.
While the wealth of Europe in
attracted a record $ 28.4 billion in venture capital in 2021, the bubble may burst soon, according to Finch Capital. The Dutch venture capital firm cites the war for talent, rising interest rates, shrinking number of state-owned companies and increased regulatory oversight as obstacles, Insider previously reported.
But Adam Niewinski, co-founder and partner of OTB Ventures argued that the EU’s PSD2 open banking directive is about to kick off the next wave of digital transformation in the financial sector.
“I think fintech will certainly continue to grow and develop in Europe in the years to come, and there is still a lot to do,” said Niewinski, adding that incumbents need to be collaborative to stay competitive. “The vast majority of fintechs we see today are business-oriented, which makes them friends of the banks, not enemies.”
Kevin’s biggest customer is UniPark, the largest parking operator in the Baltic States, which uses it for in-app payments. Sokolovas said the company is currently in talks with supermarket chains, which are its target customers.
It is active in 15 markets, including Sweden, Finland, Norway, Poland, the Netherlands and Portugal, with boots on the ground in most. This will increase to 28 by the end of 2022, including the UK, Spain and France.
Kevin is also increasing his staff. Currently a team of around 150, Sokolovas hopes to expand to more than 350 by 2022. The roles available span departments including sales, business development and engineering.
Check out the pitch deck that fintech used to raise its seed.