We advised venture capital firm Global PayTech Ventures on investing in the Lithuanian payment startup kevin. In the Series A funding round to bring account-to-account payments to existing POS payment terminals, the company raised USD 65 million. This is one of the largest A-round investments in a Lithuanian startup.
This is the second time when Global PayTech Venture has invested in kevin. company. In 2021, Global PayTech Venture also participated in the seed funding round for a payment startup, during which kevin. raised USD 10 million. Last year this was the largest seed round investment total in the Baltics, and one of the largest in the whole of Europe.
Wider coverage of POS payment terminals across Europe
kevin. focuses on mobile payments and POS payments which are currently mostly made by card. The startup offers B2B payment solution, which allows corporate customers to make direct transactions from their bank account to corporate bank accounts, thus avoiding card payment fees.
The new investment will be used to secure 35% coverage of POS payment terminals across Europe while working towards achieving over 85% by the end of 2023.
Our services and project team
Our team consisted of partner Mantas Petkevičius, counsel Jonas Kiauleikis, and senior associate Mindaugas Baniulis. We assisted Global PayTech Ventures on all aspects of Lithuanian law matters related to this investment, including document review and negotiation, and other matters.