Kevin.
The business, the turning points, and the decisions behind them.
01 / WHAT IT BUILT
What the company did
Kevin was a Lithuanian fintech providing account-to-account (A2A) payment infrastructure powered by open banking, founded in 2018. Once hailed as the fastest-growing fintech in Central and Eastern Europe, it raised a $65 million Series A in 2022 led by Accel with Eurazeo participating, followed by a $25 million bridge round in early 2024.
02 / Kevin. FAILURE REASONS
Failure reasons
Kevin collapsed under a cash-flow crisis (staff went unpaid through January and February 2024, and roughly half of its remaining workforce - about 100 people - was laid off before April), regulatory and governance failures (repeatedly missed audited filings, missed capital adequacy requirements and inadequate internal controls; the Bank of Lithuania appointed an independent supervisor in July 2024 and barred it from taking on new customers), and was declared insolvent by the Vilnius District Court on September 23, 2024, with IS Group appointed administrator.
03 / EVENT HISTORY
Events in the structured record
- Bankruptcy
Bank of Lithuania 26 Sep 2024: Kevin EU, UAB found in serious financial difficulty, unable to settle creditors; Vilnius Regional Court ordered insolvency proceedings on 19 Sep 2024; regulator revoked payment-institution licence so firm can no longer provide financial services.
04 / CONTEMPORARY REBUILD ASSESSMENT
Difficulty of rebuilding this project today
Material for this section is being gathered and checked. It will appear here once ready.
Overall assessment: Not completed
05 / CAUSAL CHAIN
How the factors connect
- 01
In January and February 2024 Kevin failed to pay staff salaries for two months, with several employees waiting two months for pay as of February 19.
- 02
In February 2024 it secured a $25 million bridge round from existing investors, conditional on cutting burn and winning new customers; around half of the remaining workforce was laid off before April.
- 03
In July 2024 the Bank of Lithuania appointed an independent supervisor and halted new customer business, citing repeated failures to file audited accounts and meet capital adequacy requirements.
- 04
On September 23, 2024 the Vilnius District Court declared Kevin insolvent, opened a bankruptcy case and appointed IS Group as insolvency administrator; Kevin said it planned to appeal the decision.
- 05
No audited loss figure was disclosed.