Lithuanian startup Kashimi, which develops alternative payment infrastructure for regulated and licensed financial institutions worldwide, has secured a pre-seed investment of US$1.36 million.

The round was co-led by venture capital funds Coinvest Capital and US-based Impellent Ventures, with participation from Plug and Play Tech Center and international business angels.

The total investment of US$1,358,500 will support Kashimi’s expansion in Europe and the UK, where alternative payment methods are increasingly adopted, as well as entry into the US market, following initial steps taken at the end of 2024.

“Alternative payment methods, which started to appear in Europe and the UK following the introduction and implementation of Open Banking regulations seven years ago, are finally gaining momentum. Customers are increasingly accustomed to these solutions, and it is the right time for various financial institutions, banks, electronic money institutions, or others, to expand their merchant offerings. The US is introducing a similar concept and actively promoting the development,”

said Benas Pavlauskas, Kashimi’s co-founder and CEO.

At this stage, the startup will gain experience in the US, as Kashimi has been selected to participate in a six-week GOAL (Global Overseas Acceleration and Learning) programme organised by the accelerator Plug and Play.

The programme includes workshops and meetings with industry experts and potential partners. The Kashimi team expects to return from the US with increased expertise and new relationships with partners and potential investors.

Operating for nearly a year, the startup has already begun integrations with its first clients.

Featured image credit: Coinvest Capital