BKN301, a digital payments and Banking-as-a-Service startup, has raised £18.6 million to support international expansion and strategic acquisitions.
BKN301 operates in Europe, Africa, and the Middle East, offering 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 attracted new institutional, industrial and private investors, including: CDP Venture Capital SGR, Azimut Libera Impresa SGR, SIMEST, Alisei Forinvestments di Aldo Fumagalli and other investors.
The firm last raised €15 million in July 2022 at a valuation of €36 million.
With offices in London, Milan, San Marino and Doha, BKN301 is setting its sights on Europe after initially growing its business in Africa and the Middle East. The extension into Europe begins in Italy, where the firm has won a contract to provide its BaaS Orchestrator platfrom to neobank Hype.
BKN301 says its has reached operational break-even, with 2024 gross revenues of £15.9 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, comments: "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 to more and more operators and their customers.”