kevin., next-generation payment infrastructure provider, has partnered with SME Bank to create an accessible one-stop-shop for online payments and revenue-based growth financing. Business owners can choose from a range of online payment capabilities for their customers. Payments are made into a single business account combined with collateral-free growth financing.
Until today, merchants needed to turn to multiple providers to assemble these core requirements, resulting in lost time and unnecessarily complex administration. The combined offering from SME Bank and kevin. Simplifies payments and loans for SME customers. It creates a single point of entry for payment infrastructure and enables account-to-account payments all across the Baltics, as well as revenue-based financing that considers e-retailers’ expenses and profit.
The payment collection options on offer include an open banking-based Payment Initiation Service (PIS) enabling instant, cost-effective and end user-friendly collections from banks within the European Economic Area (EEA). Free open banking plugins from major e-commerce providers including WooCommerce, Prestashop, Opencart and Magento make integration simple and extremely fast — all with zero customised IT development.
In addition, AI-driven revenue-based financing decisions are available in under 24 hours and include collateral-free loans without any personal guarantees required. To help promote growth, the amount of financing available increases proportionally to the applicant’s business demand.
Tadas Tamošiūnas, Co-founder and CEO at kevin., said: “We are delighted that SME Bank opted for our innovative and robust payment infrastructure to enable their clients to make the most out of open banking. Here at kevin., we are committed to driving the future of payments and are always thrilled when partners such as SME Bank join us on this mission.”
Mantvydas Štareika, CEO at SME Bank, said: “SME Bank exists to make life easier for SME owners and we use technology, where it makes sense, to achieve that. By partnering with fintech kevin. and its open banking integrations, we are combining many things that SME owners need into a single platform: fast payments, significantly reduced transaction costs and ultra-fast, AI-guided finance decisions. Our partnership will save owners time, help them grow faster and reduce costs.”
kevin.’s advanced A2A (account-to-account) payment infrastructure was created to change costly card payments to payments linked directly from customers’ bank accounts without using third-party providers. kevin.’s technology scales to businesses of any size and type. Its payment infrastructure is based on open banking, which is regulated by the European PSD2. Currently, the company supports more than 6000 merchants all across Europe, covering more than 85% of bank customers. kevin. has a team of 200 employees working from 30 countries, and the number of staff is set to nearly double by 2023.
About SME Bank
The first Lithuanian capital neobank, SME Bank focuses on small- and medium-sized enterprises, providing digital day-to-day banking services and loan products. SME Bank, which is licensed by the European Central Bank, started its operations in June 2021. Banking services are now available in all three Baltic countries. Together with the fintech start-up SME Finance, SME Bank manages a EUR 200 million funding portfolio in a single ecosystem.
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