Insolvency

Lithuanian fintech kevin announced bankrupt

.EditorialThis material has actually been selected, created and modified by the Finextra editorial team located upon its own importance and passion to our community.Depending on to a representative for the Vilnius District Court of law, the insolvency call was actually made after examining the firm's financial information as well as discovering that kevin was actually "incapable to meet its financial obligations on schedule".A personal bankruptcy instance has levelled due to the court and is actually Team has been assigned as the bankruptcy administrator..Kevin has since announced that it considers to strike the bankruptcy choice.The court decision denotes a significant succumb to the paytech organization which was actually the moment hailed as the fastetst growing fintech in Central and also Eastern Europe.Kevin had likewise reared $65m from its own several financiers, consisting of Accel and also Eurazeo.The first indications of financial problem were viewed in February when a report from on the internet updates site Sifted stated that kevin had failed to pay staff for pair of months - cases which were actually refuted due to the startup..And afterwards in July, the Lithuanian central bank prohibited the provider coming from tackling any type of new clients after growing impatient at the firm's failure to submit its own annual documents punctually. .

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