Insolvency

Lithuanian fintech kevin announced financially troubled

.EditorialThis content has been chosen, produced and revised by the Finextra editorial staff based upon its own relevance and interest to our area.According to a representative for the Vilnius District Court, the insolvency phone call was actually produced after evaluating the provider's economic information and also discovering that kevin was "unable to fulfill its own financial commitments punctually".A personal bankruptcy scenario has been opened by the court as well as is actually Group has been selected as the insolvency administrator..Kevin has considering that introduced that it plans to appeal the insolvency decision.The court decision marks a dramatic fall for the paytech organization which was once flagged as the fastetst expanding fintech in Central and also Eastern Europe.Kevin had additionally raised $65m from its own numerous capitalists, featuring Accel and also Eurazeo.The initial indicators of monetary problem were actually observed in February when a report coming from on-line news website Looked stated that kevin had stopped working to pay for team for pair of months - cases which were shot down by the startup..And after that in July, the Lithuanian central bank prohibited the company coming from tackling any type of brand new clients after growing impatient at the business's failing to submit its yearly records on schedule. .