According to Sifted, an assistant to the chairman of the Vilnius District Court stated that, after assessing the data, the court found the defendant to be insolvent and unable to meet its financial obligations on time. As a result, the court has initiated bankruptcy proceedings and appointed IS Group as the insolvency administrator. Shortly after, kevin announced on LinkedIn that it plans to challenge the court’s decision.
A challenging year for kevin
The court’s ruling comes after a year of financial struggles for the company, which was once regarded as one of the fastest-growing tech firms in Central and Eastern Europe according to Sifted. In July 2024, the Bank of Lithuania restricted kevin from offering payment services to…