According to a spokesperson for the Vilnius District Court, the insolvency call was made after evaluating the company’s financial data and determining that Kevin was “unable to meet its financial obligations on time.” A bankruptcy case has been opened, and IS Group has been appointed as the insolvency administrator.
Kevin has announced plans to appeal the insolvency decision. This court ruling represents a significant downturn for the payment technology firm, which was once recognized as the fastest-growing fintech in Central and Eastern Europe. The company had raised $65 million from various investors, including Accel and Eurazeo.
Signs of financial trouble first emerged in February when online news site Sifted reported that Kevin had failed to pay staff for two months—claims that the startup denied. In July, the Lithuanian central bank took action by banning the company from onboarding new clients due to delays in filing its annual reports.