Lithuania-based payments fintech kevin , which previously raised over USD 65 million, has been declared insolvent by the Vilnius District Court. According to Sifted, an assistant to the chairman of the Vilnius District Court stated that, after assessing the data, the court found the defendant to be insolvent and unable to meet its financial obligations on time.

As a result, the court has initiated bankruptcy proceedings and appointed IS Group as the insolvency administrator. Shortly after, kevin announced on LinkedIn that it plans to challenge the court’s decision. A challenging year for kevin The court’s ruling comes after a year of financial struggles for the company, which was once regarded as one of the fastest-growing tech firms in Central and Eastern Europe according to Sifted.

In July 2024, the Bank of Lithuania restricted kevin from offering payment services to new clients due to non-compliance with financial reporting requirements. Specifically, the central bank noted that the company had not submitted its accounting statements on time. In the same month, the bank appointed a temporary representative to supervise the activities of kevin.

The initiative took place due to the overall threat to the safe and reliable activities of Kevin EU, UAB, and the interest of clients. Private limited liability company Valneras was assigned to this particular case. The institution was instructed to submit to the bank an audited set of annual reports for 2023, the decision of the General Meeting of Shareholders on the distribution of profits (losses), as well as the auditor’s report and the audit report no later than by 30th of August 2024.

At the time, the Bank of Lithuania noted that the temporary representative would not take over the management team of the enterprise and that its appointment would not affect existing customers and their overall ability to use the services. Source: Link .