Kevin Alternatives for A2A Payments in 2024: Noda, Trustly, Klixx App

Lithuanian payment provider Kevin, which serves predominantly Baltic merchants, was once on track to become a unicorn. Open banking payments in the Baltics are gaining momentum rapidly, and Kevin leveraged this trend by securing some of the major businesses in the Baltics.

However, in July 2024, the Lithuanian central bank ordered the company to stop offering payment services to new customers due to auditing issues. Is it time for merchants in the Baltics to consider a new open banking provider?

Let's explore some of the alternatives to Kevin.

What Is Kevin?

Kevin is a Vilnius-based fintech startup providing account-to-account (A2A) payments. It enables businesses to accept pay-by-bank payment method therefore not relying on traditional card networks. Kevin's services also cover online transactions with faster processing times and lower fees. The company mostly operates in Lithuania, Latvia, Estonia and Poland.

In 2022, Kevin raised $65 million in a Series A round from investors like Accel and Eurazeo, hired over 300 people across Europe, and was on its way to a billion-dollar valuation. But today, Kevin's future is uncertain.

Downfall of Kevin

In late July, the Lithuanian central bank ordered the company to stop offering payment services to new customers. The bank cited concerns about its operational safety.

According to the central bank, Kevin was nearly four months late in submitting audited financial statements. The fintech repeatedly missed deadlines, failed to provide auditors with necessary information, and didn’t meet capital adequacy and internal control standards.

Earlier this year, Kevin faced challenges, with employees reporting late salary payments, and a series of layoffs. Kevin confirmed to Sifted that around 14% of its workforce had been let go.

How to Compare Kevin's Alternatives

With this uncertainty, merchants in the Baltics may need to evaluate whether to stick with Kevin payments or to switch to a new provider. If they decide the latter, here are a few factors to consider when comparing Kevin's competitors:

• Geography

Think about where your customers are located. Are they primarily in the Baltics, where Kevin operates, or do they extend beyond this region? If your customer base is in a specific area, you may want to choose a local provider that covers the relevant banks and has a strong understanding of the market.

• Seeking industry-experienced provides

It’s essential to choose a partner with a proven track record in your industry, ensuring they have the experience needed to support your business.

• What are your business requirements?

Every business requires a personalised approach. Evaluate your unique required features, such as recurring payments and data tools. Defining these clearly will help you select the best alternative to Kevin A2A Payments.

Kevin Alternatives for Merchants in 2024

Let’s have a look at some of the alternatives for Kevin's payment gateway, particularly for A2A payments.

Note that the information about the providers found in this article was taken from their respective websites on 16 August 2024. This information is subject to change.

Noda

Noda is a European open banking provider with a strong international team and a big local office in Latvia. Noda offers account-to-account transactions for both pay-ins and payouts, via its advanced Open Banking API. The integration can also be done via e-commerce plugins for WooCommerce, OpenCart, PrestaShop, Magento, and BigCommerce.

Noda partners with 2,000 banks across 28 countries, including the Baltics, covering over 30,000 bank branches in the UK, EU, and Canada, and is expanding into Brazil.

In addition to open banking, Noda offers card payment processing, an intuitive and UX-optimised checkout,  Know Your Whales (KYW), which provides valuable user insights to merchants, and other features.

Who Is Noda Best Fit for?

Noda is ideal for Baltic businesses that want to get open banking pay-ins & payouts, optimised checkout and processing, as well as data tools in the same package. It offers comprehensive bank coverage in the Baltics and beyond, as well as a thorough understanding of the market and Baltic merchants.

Klixx

Klixx is a Baltic payment provider that belongs to a major Latvian bank and asset manager, Citadele, which operates in Latvia, Estonia and Lithuania.

Klixx also only operates in the Baltic states, offering open banking, buy now pay later (BNLP), and card payments. The provider offers direct integration via APIs as well as open banking plugins with e-commerce platforms Magento, WooCommerce, OpenCart, Prestashop, Shopify, Verskis, Eshoprent, and Mozello.

While Klixx is a relevant provider with knowledge of the Baltic region, it only covers seven bank brands across all three countries, which is a relatively narrow coverage.

Who Is Klixx Best Fit for?

Klixx is a fit business focused on the Baltic region that is looking to integrate open banking, BNLP, and card payment options into its operations. However, its open banking payment services are best for those who can work within the limited coverage of only major banks.

Trustly

Trustly is an international open banking payments platform, originally founded in Sweden. Trustly enables merchants to accept A2A payments in 33 countries across different regions: Europe (including the Baltics and the UK), Canada, the US and Australia.  Their network is connected to 12,000 banks.

Apart from Trustly payments, the provider offers Trustly Bank Payouts. Trustly also offers a proprietary data model that enhances payment products, optimisation for first-time depositors, and recurring payments via Direct Debits, BACS & SEPA.

Who Is Trustly Best Fit for?

Trustly is a great fit for global businesses with an international focus that needs open banking pay-ins and payouts, along with a streamlined checkout experience. However, it may not be the best choice for Baltic merchants who prefer a local payment partner with nuanced Baltic market knowledge and the ability to communicate in their native language.

Final Takeaways

With Kevin's future uncertain, merchants in the Baltics may need to reassess their choices.  Open banking continues to gain momentum in the region and it’s important to offer this payment method without friction.

Noda is a Latvia-based provider that is well-suited for businesses operating in the Baltics, as well as the EU, UK, and Canada, offering comprehensive bank coverage and knowledge of the region. Klixx is another local option yet with a narrower bank coverage, while Trustly delivers a broader international reach.