Fintech specialist BKN301 closes $23.8mln Series B round to finance global growth
Operating break-even achieved, with 236% YoY gross margin growth.
Company doubles down on MENA opportunity following excellent regional results – reaching 18 million customers daily in Egypt alone, with ambitious growth plans in Europe to follow.
UAE: BKN301 Group, a global fintech specialising in Banking-as-a-Service (BaaS), with key operations in MENA, has successfully closed a USD23.8 million capital increase. This will support the Group's global growth, including exploring expansion into the United Arab Emirates and Saudi Arabia, as well as enhancing the firm's proprietary BaaS Orchestrator platform.
BKN301 operates in the Middle East, Europe, and Africa, helping traditional banks, fintechs and digital banks integrate innovative, secure and scalable solutions to aid with rapid expansion and diversification. The BaaS Orchestrator platform offers core banking, payment processing, digital wallets, card issuing, API decoupling, cross-border services, open banking, AI and Gen AI, for integration with third-party systems.
Alongside the support of existing investors, the Series B round attracted new institutional, industrial and private investors, including: CDP Venture Capital SGR (through the Digital Transition Fund), Azimut Libera Impresa SGR through the Azimut Digitech Fund under the advisory of FNDX, SIMEST (through the F.394/81 managed on behalf of the Italian Ministry of Foreign Affairs and International Cooperation), Alisei Forinvestments di Aldo Fumagalli and other investors. These are in addition to the investors of the previous rounds, including SM Capital, Prosus Group, CRIF, Abalone Group, Federico Ghizzoni and Fabio Nalucci.
BKN301, after having rapidly validated its model in high-growth markets such as Africa and the Middle East - where it was chosen by major operators, reaching 18 million customers daily in Egypt alone - is now increasing its presence in Europe as well, where it is starting a new phase of growth as a global operator. An evolution starting from Italy where the Group has entered a partnership with the neobank HYPE with the integration of the BKN301 Baas Orchestrator solution into its application landscape.
BKN301 has reached operational break-even, with 2024 gross revenues of €18.4 million, up 51% YoY, and growth of 236% YoY in terms of net revenues. Since its market entry in 2021, the company has achieved 187% overall growth.
Stiven Muccioli, Co-Founder and CEO of BKN301 Group, commentated: "The entry of new major investors, alongside the continued support of those who have already believed in our transformative approach, is a powerful endorsement of the strength and scalability of our model. Closing a Series B round in today's market is a significant achievement and marks the beginning of a new phase of growth. Our goal remains clear: to bring a truly efficient, scalable and innovative BaaS model to global markets. With the new industrial plan, we estimate a CAGR of 36% 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."
Enrico Filì, Head of the Digital Transition Fund at CDP Venture Capital added: "BKN301 represents excellence recognized by customers and partners globally, an international operator that is effectively contributing to innovation in Fintech. CDP Venture Capital is consistently committed to enhancing companies that promote innovation and create value in their respective fields. We have great confidence in the project and in the work of the BKN301 team and we are determined to support it in achieving the ambitious goals set."
1 Banking-as-a-Service Market to Reach $60 billion, Globally, by 2033 at 17% CAGR: Allied Market Research
About BKN301
BKN301 Group is a Banking-as-a-Service (BaaS) provider with offices in London, Milan, San Marino and Doha that supports the financial sector with the innovative BKN301 BaaS Orchestrator platform. The solution offers core banking, payment processing, digital wallets, card issuing, API decoupling, cross-border services, open banking, AI and Gen AI, ensuring seamless integration with third-party systems.
Thanks to a scalable and innovative model, BKN301 helps traditional banks, fintechs, and digital banks – including blockchain banking and token platforms – to integrate secure and scalable solutions, accelerating growth and expansion into new markets.
BKN301 has established itself as a reference player in the evolution of global financial markets.
For more information: www.bkn301.com
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