A difficult period for another company in Vilnius – fewer employees, delayed salaries

The fintech startup provides payment initiation and account information services. For a long time, this startup was considered one of the most successful, claiming to be a unicorn. However, the company has been facing financial problems for some time. A month ago, Lithuanian portals wrote about late salaries and employee layoffs. The company later claimed that this information was false. However, after that moment the situation did not change and seems to have worsened.

As recently as last May, the startup had more than 140 employees. Since May, this number has started to drop sharply and now “kevin” has 81 employees. At the beginning of March, this number reached almost 100 employed persons.

Also, according to publicly available information, the average salary of employees is also decreasing. In addition, losses in the company increased. If the losses in 2021 amounted to 4.7 million euros, then in 2022 this number rose to 15.2 million euros in losses.

In April, an extraordinary meeting of shareholders took place, during which a decision was made regarding the replacement of the member of the supervisory board. It is also interesting that not all shareholders could vote. The Polish Adam Niewinski retired from the monitoring members, and the Italian Luca Bocchio, who lives in the United Kingdom, took up his position.