We advised venture capital firm Global PayTech Ventures on investing in the Lithuanian payment startup kevin. In the seed funding round, the company raised USD 10 million. This is the largest seed round investment total in the Baltics this year, and one of the largest in the whole of Europe.
Global PayTech Ventures, founded by Javier Perez, who is a globally recognised expert in developing innovative paytech concepts, and his sons, joined investors co-led by OTB Ventures and Speedinvest, two of Europe’s leading venture capital investors in early-stage European technology companies. Among other investors in this round were also Fintech Growth Fund Europe and Open Ocean Fund 2020 and business angels.
Develops payment infrastructure for online and physical sales
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 received in the seed funding round will be used for further product development, including POS payments, and expansion to new markets. The company counts that its services are used by 2,700 traders in 15 countries, including Sweden, Finland, Norway, Poland and Portugal.
Next year, the startup expects to serve clients in 28 countries, including the United Kingdom, Spain and France.
Our services and project team
Our team, consisting of partner Mantas Petkevičius and counsel Jonas Kiauleikis, assisted Global PayTech Ventures with Lithuanian law matters related to this investment, including legal due diligence, reviewing and advising on investment agreements, and other matters.