Lithuanian fintech firm Kevin, which previously raised over $65 million from major investors like Accel and Eurazeo, has been declared insolvent by the Vilnius District Court, with IS Group designated as the insolvency manager, Sifted reports.
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According to Lina Nemeikaitė, assistant to the chairman of the Vilnius District Court, the court determined that the defendant is currently insolvent and unable to meet the financial responsibilities promptly.
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She further stated that the court has now opened a bankruptcy case and selected IS Group as the bankruptcy administrator.
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Accel and Eurazeo are the company’s main investors, having backed Kevin during its $65 million…
