Layoffs in Lithuania

Lithuanian fintech startup Kevin, which had over 300 employees in 2022, has laid off approximately 100 staff—about half its remaining workforce—as part of a "brutal" redundancy process initiated in late January 2024. This follows months of financial strain, including delayed salary payments in January and February, as the company struggled to secure funding. Kevin eventually obtained a $25 million bridge round in February, contingent on reducing burn rate and acquiring new customers, leading to significant downsizing. The company disputes some reports, stating only about 14% of its total workforce was fired. Founded in 2017 and backed by investors like Accel, Kevin operates in the payments industry, facilitating user-to-user transactions across Europe and the Middle East.

Vipps on 2024-01-30.