Lithuanian challenger SME Bank has teamed up with paytech kevin. create a “one stop shop” for e-commerce business owners.
The combined offering is a unified payment infrastructure enabling account-to-account (A2A) payments in the Baltics, payments to a single corporate account as well as unsecured revenue-based financing powered by the AI.
kevin.’s A2A payment infrastructure, based on open banking, allows payments to be made directly from customers’ bank accounts without using third-party providers.
SME Bank CEO Mantvydas Štareika says, “Our partnership will save owners time, help them grow faster and reduce costs.
Payment collection options include an open bank-based payment initiation service (SIP) that enables instant, low-cost, and user-friendly collections from a majority of consumers with an account at an EU bank. European Economic Area (EEA).
Free open banking plugins from major e-commerce providers are also available, including WooCommerce, Prestashop, Opencart, and Magento.
SME Bank Štareika adds: “By partnering with fintech kevin. and its open banking integrations, we combine many things that SMB owners need in one platform: fast payments, dramatically reduced transaction costs, and lightning-fast AI-guided financial decisions. »
Kevin. CEO and co-founder Tadas Tamošiūnas said the partnership with SME Bank will enable the bank’s customers to “get the most out of open banking” and help “drive the future of payments”.
Founded in 2018 and based in Vilnius, Lithuania, kevin. recently raised $65 million in a Series A funding round.