Lithuanian payments startup kevin. announced that it has has secured US$10 million of new capital in a seed funding round, bringing its total funds raised to US$14 million.

The funding round was co-led by OTB Ventures and Speedinvest, European venture capital investors looking to invest in early-stage technology companies in the region.

Also joining the funding round were OpenOcean, Javier Perez’s Global PayTech Ventures, and angel investors including AmRest founder Henry McGovern.

Kevin. said that the proceeds from this investment will be used to further develop its product offering, particularly around POS payments.

The company added that the new funds will also be used to expand into new markets.

Currently, kevin. supports more than 2,700 merchants in 12 markets, including Sweden, Finland, Norway, Poland, Netherlands and Portugal.

By 2022, the firm expects to have operations in 28 markets in total, including in new markets such as the UK, Spain and France.

Tadas Tamosiunas, CEO and Co-founder at kevin. said,

“We are seeing huge demand for our services with customers now seeing up to 40% of transactions being made directly through pre-linked bank accounts in mobile apps and more than 70% switching from cards to A2A in online payments.

 

I am grateful to our growing team of software developers who continue to build the product that enables our clients to make the world of payments faster and safer.”

Pavel Sokolovas, COO and Co-founder at kevin. said,

“We are thrilled to bring on board a dream team of value-adding investors with tremendous expertise in the payments industry who support our vision.

 

This accumulated experience will strengthen our platform and value chain, enhance the knowledge of kevin.’s team and accelerate growth.”