The company’s solution enables merchants to accept payments directly from bank accounts via an API for services like parking, taxis, car-sharing, deliveries, and insurance. Payment initiation using PSD2 still requires several authentication steps, but via kevin.'s infrastructure, consumers can expect payments for these services to be handled in the same convenient way as cards.
kevin.'s PSD2-based solution enables companies to receive mobile app payments directly from pre-linked bank accounts. Users and merchants can treat bank accounts like credit cards. Customers link their account to a service provider's app once, and after that there is no need for authentication for every transaction. This is achieved through an API that works on kevin.'s licensed infrastructure, which operates in the background just like a card network, and the end user experience is the same as that of using a payment card.
In addition, kevin. has raised EUR 1.5 million in seed funding from a number of European businesses from the finance and insurance industries. This funding will enable kevin. to bring its solution to new sectors and markets in Europe. The fintech startup currently operates across the Baltics, Poland, the Netherlands, and Portugal. In 2021, it planed to enter 15 more European markets and is targeting enough bank connections to cover 80% of customers in the EEA in 2022. Some of its new funding will also be invested into further product development, with a POS solution in the pipeline.
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