BKN301 Group, a London-based fintech company specialising in Banking as a Service (BaaS) with operations across the Middle East, Europe and Africa, has completed a capital increase of US$23.8 million.
The funding will support the company’s international growth plans, including potential expansion into the UAE and Saudi Arabia, as well as further development of its proprietary BaaS Orchestrator platform.
The company provides technology solutions to traditional banks, digital banks and fintech firms, offering services such as core banking, payment processing, digital wallets, card issuing, API decoupling, cross-border transactions, open banking and AI and GenAI integration for third-party systems.
The Series B round attracted both existing and new investors.
Among the new backers are CDP Venture Capital SGR through its Digital Transition Fund, Azimut Libera Impresa SGR via the Azimut Digitech Fund under the advisory of FNDX, SIMEST through the F.394/81 fund managed on behalf of Italy’s Ministry of Foreign Affairs and International Cooperation, Alisei Forinvestments di Aldo Fumagalli and a group of institutional, industrial and private investors.
These join existing shareholders including SM Capital, Prosus Group, CRIF, Abalone Group, Federico Ghizzoni and Fabio Nalucci.
BKN301 has reported traction in high-growth markets across Africa and the Middle East, where it says it reaches around 18 million users daily in Egypt.
The company is also expanding its footprint in Europe, beginning with Italy, where it has entered a partnership with neobank HYPE for the integration of its BaaS Orchestrator solution into HYPE’s application landscape.
The company has reported reaching operational break-even and expects gross revenues of €18.4 million for 2024, marking a 51 percent year-on-year increase, while net revenues have grown by 236 percent over the same period. Since its market entry in 2021, BKN301 has recorded an overall growth rate of 187 percent.
Commenting on the funding round, Stiven Muccioli, Co-Founder and Chief Executive Officer of BKN301 Group, said:
“With the new industrial plan, we estimate a CAGR of 36 percent of EBITDA by 2028 and we aim to bring innovative payment and financial services, usable in a simple and fluid way, to an ever-increasing number of operators and their customers.”
Featured image credit: edited from freepik
