The Lithuanian central bank has appointed an independent supervisor and restricted new business for local paytech Kevin after losing patience with the firm for repeated failings to file its annual reports.
The central bank says it took the decision to step in as a result of "the threat posed to the safe and sound operation" of the firm.
"Kevin EU, UAB is almost four months late in submitting audited annual accounts, has repeatedly postponed the deadline for their submission, has not provided auditors with the necessary information to complete the audit, fails to comply with the capital adequacy requirements and ensure adequate internal control," the bank states.
The Bank of Lithuania has installed Valnetas as an independent supervisor to oversee the company's business with the objective of filing accounts by end-August. All decisions as to the running of the business will have to be agreed to by Valnetas.
In addition, the central bank has instructed Kevin not to provide payment services to new customers until it meets the capital adequacy requirements.
Founded in 2018 as a provider of open banking and account-to-account payments, Kevin in 2022 raised $65 million in a Series A funding round led by Accel. This was topped up by a further $25 million earlier this year.