Lithuanian payments fintech kevin — which raised more than $65m from big name investors like Accel and Eurazeo — has been declared insolvent by the Vilnius District Court, according to reporting from 15min.
Lina Nemeikaitė, the assistant to the chairman of the Vilnius District Court, told the publication that, “after evaluating the data, the court concluded that the defendant is currently insolvent, she cannot fulfill her financial obligations on time.”
She added that the court has now opened a bankruptcy case and appointed IS Group as an insolvency administrator.
Kevin did not respond to Sifted’s request for comment before publication, but has since posted on Linkedin that it plans to appeal the court's decision.
A dramatic year
The news that one of Central and Eastern Europe’s once-fastest growing tech companies can’t pay its bills follows a turbulent year for the company.
In February, Sifted reported that kevin had failed to pay its staff for two months, with current and former employees claiming that the situation was mishandled. At the time, kevin said that Sifted had published “false information.”
Then, in July, Lithuania’s national bank instructed the company to not provide payment services to new clients until it complied with financial reporting requirements, saying that the fintech had failed to submit its accounting statements on time.
