Bank of Lithuania appoints “temporary representative” to oversee activities of payments fintech Kevin

The Bank of Lithuania has intervened in the operations of the Vilnius-based fintech company Kevin, by appointing a “temporary representative” to oversee its activities. This action comes in response to Kevin’s alleged delays in submitting audited annual reports, with the central bank indicating that the company is nearly four months overdue in providing these accounts. Additionally, the bank claims that Kevin has repeatedly delayed the deadline for submission and failed to provide necessary information to auditors.

The central bank also raised concerns about Kevin’s compliance with equity capital adequacy requirements and the adequacy of its internal control measures. Due to these issues, the Bank of Lithuania has appointed Valnetas, an independent company, to supervise Kevin’s operations. The fintech has been ordered to submit its audited annual reports for 2023 by August 30, 2024. Furthermore, Kevin has been instructed not to offer payment services to new customers until the situation is resolved.

The role of the temporary representative includes overseeing all decisions made by Kevin’s management concerning its operations, ensuring these decisions are compliant and keeping the Bank of Lithuania informed. However, this appointment does not impact existing customers’ ability to use Kevin’s services or take over the management of the institution.

Founded in 2018, Kevin specializes in advanced account-to-account (A2A) payment infrastructure, aiming to replace more expensive card transactions. The company raised $65 million in a Series A funding round in 2022, led by Accel. Kevin has been contacted for comment on the matter.

Source: fintechfutures.com

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