The Lithuanian central bank has appointed an independent supervisor and imposed restrictions on new business for local paytech Kevin due to the firm’s ongoing failure to file its annual reports.
The central bank’s intervention was prompted by concerns over “the threat posed to the safe and sound operation” of the company. According to the bank, Kevin EU, UAB is nearly four months overdue in submitting its audited annual accounts, has consistently delayed the submission deadline, failed to provide auditors with the necessary documentation, and has not complied with capital adequacy requirements or maintained adequate internal controls.
Valnetas has been designated as an independent supervisor to oversee Kevin’s operations, with the aim of ensuring the company submits its financial accounts by the end of August. All operational decisions will require approval from Valnetas.
Additionally, the central bank has directed Kevin to refrain from offering payment services to new customers until it meets the capital adequacy standards.
Founded in 2018, Kevin specializes in open banking and account-to-account payments. In 2022, the firm secured $65 million in a Series A funding round led by Accel, followed by an additional $25 million earlier this year.