According to a spokesperson for the Vilnius District Court, the insolvency call was made after evaluating the company's financial data and finding that kevin was "unable to meet its financial obligations on time".
A bankruptcy case has been opened by the court and IS Group has been appointed as the insolvency administrator.
Kevin has since announced that it plans to appeal the insolvency decision.
The court decision marks a dramatic fall for the paytech firm which was once hailed as the fastetst growing fintech in Central and Eastern Europe.
Kevin had also raised $65m from its various investors, including Accel and Eurazeo.
The first signs of financial difficulty were seen in February when a report from online news site Sifted stated that kevin had failed to pay staff for two months - claims which were refuted by the startup.
And then in July, the Lithuanian central bank banned the company from taking on any new clients after growing impatient at the company's failure to file its annual reports on time.