Kevin raises USD 65 mln for account-to-account payments integration

Wednesday 4 May 2022 12:39 CET | News

Lithuania-based fintech kevin has secured USD 65 million to bypass card payments with account-to-account payments.

Kevin has already picked up 6,000 merchants in 12 markets in Europe, starting first with electronic point of sale, and more recently with an integration with physical POS terminals. Its plan is to be available as a payment option across some 35% of European electronic point of sale terminals by the end of 2022 and then 85% the year after that.

According to the press release, every country has different payment systems at both the frontend and backend of the process. Account-to-account payments, which debits money directly from the buyer and deposits it into the account of the seller, has been one of those options, and often represents a cheaper and direct alternative to card payments and the fees those incur, when someone isn’t already using cash.

The company initially had people skeptical that APIs could be built to integrate with banks, which have traditionally been slow to embrace them and open up their services to others, but now they have a technical solution behind it.

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Keywords: API, funding, account-to-account payment, POS, payments infrastructure
Categories: Payments & Commerce
Companies: Kevin
Countries: Europe, United Kingdom
This article is part of category

Payments & Commerce


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