BKN301, a burgeoning startup specializing in digital payments and Banking-as-a-Service (BaaS), has successfully secured £18.6 million in funding to facilitate its international growth and strategic acquisitions.
Operating across Europe, Africa, and the Middle East, BKN301 provides a comprehensive suite of services including core banking, payment processing, digital wallets, card issuing, API decoupling, cross-border solutions, open banking, artificial intelligence, and generative AI, enabling seamless integration with third-party platforms.
The latest funding round, Series B, was bolstered by existing backers and saw participation from new institutional, industrial, and private investors such as CDP Venture Capital SGR, Azimut Libera Impresa SGR, SIMEST, Alisei Forinvestments di Aldo Fumagalli, among others.
Previously, the company raised €15 million in July 2022, achieving a valuation of €36 million at that time.
Headquartered in London, with additional offices in Milan, San Marino, and Doha, BKN301 is now targeting expansion into Europe after establishing its presence in Africa and the Middle East. The initial foray into the European market begins in Italy, where the company has secured a contract to implement its BaaS Orchestrator platform for the neobank Hype.
BKN301 reports having reached operational break-even, forecasting gross revenues of £15.9 million for 2024—an impressive 51% increase year-over-year—and a staggering 236% growth in net revenues. Since entering the market in 2021, the firm has realized an overall growth of 187%.
Stiven Muccioli, co-founder and CEO, remarked, “Securing a Series B round in the current market climate is a monumental accomplishment and signifies the onset of a new growth trajectory. Our vision is clear: to introduce a highly efficient, scalable, and innovative BaaS model to global markets. With our new industrial strategy, we anticipate a compound annual growth rate (CAGR) of 36% in EBITDA by 2028, aiming to extend our innovative payment and financial services to an increasing number of operators and their clientele.”