COBALT advised kevin. on attraction of $10m investment

COBALT advised a Lithuanian FinTech startup kevin. that provides unique payment infrastructure for online, mobile, and physical sales, which has secured $10 million of new capital in a seed funding round one of the largest in Europe.

The main investors in this round are the European venture capital funds OTB Ventures and Speedinvest.

Kevin focuses on mobile and POS payments where customers predominantly pay using cards currently. The firm’s POS product will enable customers to pay from their bank accounts for goods in physical shops through existing card terminals using NFC technology.

The new funds will be used to build out the product suite and to expand into new markets. Currently, the Company supports more than 2,700 merchants in 15 markets, including Sweden, Finland, Norway, Poland, Netherlands and Portugal. By 2022, kevin. expects to have operations in 28 markets in total, including in new markets such as the UK, Spain and France.

Tadas Tamosiunas, CEO and Co-Founder at kevin., said: “Seamless customer experience is at the heart of every payment. 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.”

COBALT advised on the structuring of the transaction, drafted transaction documentation, represented kevin. finance in negotiations, conducted legal due diligence and advised on other transaction-related matters. COBALT team consisted of Partner and Co-Head in the Banking and Finance Practice Group Akvilė Bosaitė.