Fintech kevin Declared Insolvent by Vilnius Court
Lithuania-based payments fintech kevin, once seen as a rising star in Central and Eastern Europe, has been declared insolvent by the Vilnius District Court. The company, which raised over USD 65 million, has faced mounting financial struggles in recent months. The court’s decision has triggered bankruptcy proceedings, and IS Group has been appointed as the insolvency administrator.
Court Ruling Follows Financial Difficulties
According to Sifted, an assistant to the chairman of the Vilnius District Court explained that, after reviewing the company’s financial data, the court found kevin unable to meet its obligations on time. Consequently, bankruptcy proceedings were initiated. Shortly after this ruling, kevin announced on LinkedIn its intention to challenge the court’s decision, signaling a potential legal battle ahead.
A Year of Struggles
This court ruling caps off a tough year for kevin. Once regarded as one of the fastest-growing fintech companies in the region, kevin’s troubles began in mid-2024. In July, the Bank of Lithuania took action against the company, restricting it from offering payment services to new clients. The bank cited kevin’s failure to comply with financial reporting requirements, including the late submission of key accounting statements.
To address these concerns, the Bank of Lithuania appointed a temporary representative to oversee kevin’s operations. Valneras, a private limited liability company, was tasked with submitting audited financial reports for 2023, along with the general meeting’s decisions on profit distribution. These documents were due by August 30, 2024. However, kevin’s struggles continued, as financial irregularities persisted.
Clients Still Affected?
Despite the appointment of a temporary representative, the Bank of Lithuania clarified that kevin’s existing customers would not be impacted. The representative’s role was primarily supervisory, ensuring that the company’s management team continued to operate while safeguarding clients’ interests.
However, with the latest insolvency ruling, questions remain about the future of kevin’s services and its ability to fulfill customer needs moving forward.
What’s Next for kevin?
While kevin plans to contest the court’s decision, the fintech firm faces significant obstacles in restoring its financial health. As the bankruptcy proceedings unfold, stakeholders will closely watch how kevin manages its recovery efforts, especially as its reputation continues to take a hit.