Cobalt has advised Lithuanian financial technology start-up Kevin on raising USD 10 million in a seed funding round, co-lead by Global PayTech Ventures, OTB Ventures, and Speedinvest. TGS Baltic advised OTB Ventures and Speedinvest. Sorainen advised Global PayTech Ventures.
Other companies joining the funding round included Fintech Growth Fund Europe, OpenOcean, and individuals, including AmRest founder Henry McGovern.
"The new investment received in the seed funding round will be used for further product development, including point of sale (POS) payments, and expansion to new markets," according to Sorainen. "Next year, the start-up expects to serve clients in 28 countries, including the United Kingdom, Spain, and France."
Kevin focuses on mobile payments and POS payments. The start-up offers a B2B payment solution, which allows corporate customers to make direct transactions from their bank account to corporate bank accounts. The company operates in 15 countries, including Sweden, Finland, Norway, Poland, and Portugal.
"Seamless customer experience is at the heart of every payment," commented Kevin CEO Tadas Tamosiunas. "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."
The Cobalt team was led by Partner Akvile Bosaite.
TGS Baltic team included Partner Aurimas Pauliukevicius and Associate Julija Eymirlioglu.
The Sorainen team included Partner Mantas Petkevicius and Counsel Jonas Kiauleikis.
