Kevin.

Kevin. is a Lithuanian company providing infrastructure for merchants to accept payments directly through bank accounts instead of through payment cards for online, mobile, and physical sales. The company develops its own connections with banks; therefore, no third-party aggregators are involved in transaction processing. Its platform can be used by businesses of any size, across several industries, including retail, parking, fashion, deliveries, and so on.

Given its infrastructure is based on open banking, the company benefits from the European PSD2 regulation that requires European banks and financial institutions to open their API for licensed third-party providers. Kevin. also offers open banking-based point-of-sale (POS) solutions for physical payments, which enables customers to pay from their bank accounts using existing near-field communication (NFC) payment terminals (contactless payment terminals).

Kevin. charges its users a subscription fee between EUR 5 and EUR 40 (based on the payment methods handled), which includes a given number of transactions, and charges EUR 0.05 per transaction when that limit is exceeded. However, the platform also offers custom packages for merchants. The company says that merchants can benefit from lower fees when accepting payments directly from bank accounts and claims that switching from card payments can reduce payment processing fees by up to 90%.

Key customers and partnerships

The Kevin. plug-in is available for merchants on several ecommerce platforms including WooCommerce, Magento, and PrestaShop. By June 2022, the platform supported more than 6,000 merchants, and enabled receipts from bank accounts in 27 European countries.

The company partnered with European transaction monitoring platform Sentinels, in June 2022, to enable merchants to detect suspicious transactions and comply with local anti-money laundering (AML) regulations.

Funding and financials

Kevin.raised USD 65 million in Series A funding in May 2022, led by Accel, a little over six months after raising USD 10 million in seed funding . The funds were earmarked for investment in expanding its operations and business reach. Kevin. Also plans to almost double its workforce by 2023, from 170 employees.