MIAMI, October 26, 2021 / PRNewswire / – Founded in 2018 and based in Vilnius, kevin. offers PSD2 technology which allows merchants to accept payments directly from bank accounts.
“We’re excited about kevin. Because their API can do what others could only simulate. Kevin. Is way ahead of everyone – their system has real transactions, serving and targeting real verticals and they’ve proven they can do it, “mentioned Javier Perez, Managing Partner of Global PayTech Ventures and former president of Mastercard.
Kevin’s API. is a PSD2 payment solution for merchants and consumers. “In Europe, up to 80% of all online payments are made by debit card. And behind every debit card is an account, which means these payments can be made directly from accounts ( banking) “, said Pavel Sokolovas, co-founder and COO of kevin.
PSD2 is the EU’s open banking regulation, designed to protect consumers when paying online and to promote the development and use of innovative online and mobile payments. PSD2 payments still require several authentication steps, so it works well for e-commerce, but has not yet been effective for services like parking, deliveries, or transit, where consumers typically use a credit card. . Thanks to kevin’s technology, consumers can now make payments for these services in the same convenient way as cards.
How it works
Customers link their account to a service provider’s app once and thereafter, no authentication is required for each transaction. Kevin’s API. manages this process through its secure and licensed infrastructure, which runs in the background. The end user experience is similar to using a payment card.
Why it matters
- Significant cost savings – Payments by bank account are cheaper for merchants and ultimately consumers.
- UX as efficient as credit cards – By removing the need for authentication with every transaction, the user experience is faster, smoother and more convenient.
“Requiring authentication every time a customer makes a € 2 parking payment is uncompetitive, so service providers stick with cards, but there is a downside. With a typical flat rate per payment of € 0.10, plus a surcharge of around 1%, companies providing low-cost services like parking can end up paying up to 10% to card networks per payment, ”he said. declared Tadas Tamošiūnas, co-founder and CEO of kevin.
“kevin. enables users and merchants to treat bank accounts like cards. Our new solution enables transparent and instant transactions that do not need to be authorized every time a service, such as taking a ride on a carpooling application, is ordered. “
Who is using it
The largest parking lot operator in the Baltics, Unipark, was one of the first companies to integrate kevin. in its application. On average, Unipark pays 80% less for the acquisition of services per transaction than with a card network. After launch in december 2020, today 40% of Unipark customers decide to link a bank account instead of linking a card.
Who else invested
kevin. raised $ 10 million in the seed financing of a number of European investors, including OTB Ventures, Speedinvest, Open Ocean and high net worth individuals, including the founder of AmRest Henry mcgovern. This funding will allow kevin. bring its solution to new sectors and markets in Europe.
Where it is offered
kevin’s services. are currently available in 15 European countries, including Sweden, Finland, Poland, Spain, Netherlands, Baltic and Portugal, where the company has more than 85% coverage of bank customers. The firm’s services will be available in 21 European Economic Area (EEA) countries by the end of 2021 and in 28 EEA countries by mid-2022.
The startup was named the Baltic States’ best fintech in the Mastercard Lighthouse program.
kevin. has a team of more than 100 employees in seven countries and plans to expand its workforce to more than 350 employees in 2022.
SOURCE Global PayTech Ventures