According to a 15-minute report, IS Group has been named as the insolvency administrator and the court has officially initiated a bankruptcy case.

According to the article, Lina Nemeikaitė, the assistant to the chairman of Vilnius District Court, verified the news, telling 15min that the court had determined Kevin is "currently insolvent" and unable to pay its debts "on time."

As for the Bank of Lithuania (Lietuvos Bankas, the nation's central bank), Lukas Jakubonis, chief business development officer, stated on LinkedIn that “our local media announced that Kevin has gone bankrupt”.

"The filing of a bankruptcy case has been verified by a court official. He comments, "Many had formerly thought of this firm as the next Lithuanian unicorn. This signals a tragic end for them.

FinTech Futures has reached out to Kevin and the Vilnius District Court for comments.

The announcement follows the Bank of Lithuania's July announcement that, in response to reported delays in the fintech's audited annual report submission, it had designated a “temporary representative to oversee the activities” of Kevin and “instructed the institution not to provide payment services to new customers”.

Vilnius-based Tadas Tamošiūnas (CEO) and Pavel Sokolovas co-founded the company in 2018. Kevin wants to use its account-to-account (A2A) payment system to replace expensive card transactions.

In 2022, Accel led a $65 million Series A investment round for the company.

It established an office in Dubai in the end of 2023. The start-up said on LinkedIn, "Long-term, our goal is to become the primary payment infrastructure in the Middle East." "We aim to capture a 40–60% market share for in-store and online payments by combining our technology with strong local partnerships."