Vilnius-based startup Kashimi has raised $1.36 million in pre-seed funding to expand its alternative payment infrastructure for licensed financial institutions. The round was co-led by Coinvest Capital and Impellent Ventures, joined by Plug and Play Tech Center and several international angel investors. Founded in 2024, Kashimi develops payment initiation technology aimed at supporting banks, e-money institutions, and other providers as adoption of alternative payment methods grows in Europe and the UK. The funding will also support Kashimi’s entry into the U.S. market, where it is participating in Plug and Play’s six-week Global Overseas Acceleration and Learning (GOAL) program in Silicon Valley.
Kashimi develops alternative payment infrastructure for regulated and licensed financial institutions. Its technology enables banks, electronic money institutions, and other payment providers to integrate and offer a range of payment initiation services beyond traditional card payments. Founded in 2024, the company focuses on markets in Europe, the UK, and the U.S., supporting the adoption of new payment methods in line with evolving regulatory frameworks such as Open Banking. Kashimi’s team consists of around 10 professionals specializing in IT engineering and open banking solutions.
According to the company, the main goals of the investment, which totals USD 1,358,500, are twofold. First, the company will target the European and UK markets more broadly, as both regions are beginning to adopt alternative payment methods on a larger scale. Another key objective is to expand into the U.S. market, following initial steps that were taken by the end of 2024 to open up entry opportunities.
“Alternative payment methods, which started to appear in Europe and the UK following the introduction and implementation of Open Banking regulations seven years ago, are finally gaining momentum. Customers are increasingly accustomed to these solutions, and it is the right time for various financial institutions – banks, electronic money institutions, or others – to expand their merchant offerings. The U.S. is introducing a similar concept and actively promoting the development,” noted Benas Pavlauskas, Kashimi’s co-founder and CEO.
At this investment stage, the startup will have the opportunity to gain significant experience in the United States, Silicon Valley – Kashimi has been selected to participate in a 6-week GOAL (Global Overseas Acceleration and Learning) program organized by one of its investors, the accelerator Plug and Play Tech Center. The program includes various workshops and meetings with top-level experts and potential partners. The Kashimi team anticipates returning from the United States with enhanced expertise and newly established relationships with partners and potential investors. Operating for almost a year, the startup has already begun integrations with its first clients.
Meanwhile, Impellent Ventures expressed excitement about partnering with the Kashimi team to advance frontier tech in open banking across Europe and the US.
“We think the crew is comprised of some of the most innovative and experienced thinkers and tinkerers in the space – and we can’t wait to see what they cook up in order to create value for their customers and stakeholders alike. Combined with being our first foray with Coinvest Capital, we couldn’t be more amped up for the future of this one,” said Phil Beauregard, Managing General Partner at Impellent Ventures.
Coinvest Capital share in this investment totals 749 984,58 USD.
“Alternative payment methods are not a niche anymore. Merchants are eager to adopt new payment methods, and customers want to control their spending while feeling secure. For payment service providers, alternative payments are the next frontier; however, success favors solution providers who demonstrate competence, a broad vision, and strong ambition. Kashimi payment initiation infrastructure stands out for its convenience and completeness. This segment is gaining momentum in the U.S., and Kashimi has a great opportunity to ride the wave of growth. We are happy to have experienced US investors joining the round,” commented Viktorija Trimbel, Managing Director of Coinvest Capital.
Kashimi’s cutting-edge payment infrastructure showcases how Lithuanian technology can compete on a global scale, Povilas Žinys, Director at Plug and Play Lithuania, noted: “We see tremendous potential for their solution in international markets and are proud to support their journey through Plug and Play’s global network. We also expect the GOAL program to help Kashimi achieve its global expansion goals.”
Kashimi is a technology company bringing together a team of 10 professionals – experienced IT engineers specializing in open banking.
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Read the orginal article: https://arcticstartup.com/kashimi-raises-1-36-million-pre-seed/
