BKN301 Group, a London-based fintech scaleup with offices in Milan, San Marino and Doha, specialising in banking-as-a-Service (BaaS), announces that it has closed a EUR 21.5m capital increase aimed at supporting growth through organic development and strategic acquisitions.
BKN301 operates in Europe, Africa and the Middle East, fostering the development of the financial sector with its innovative BKN301 BaaS Orchestrator platform. In addition to the support of existing investors, the round saw the entry of new institutional, industrial and private investors, including: CDP Venture Capital through the Digital transition Fund, Azimut Libera Impresa through the Azimut Digitech fund, SIMEST through the F.394/81 managed on behalf of the Ministry of Foreign Affairs and International Cooperation, Aldo Fumagalli’s Alisei Forinvestments. They join investors from previous rounds, including SM Capital, Prosus Group, CRIF, Abalone Group, Federico Ghizzoni and Fabio Nalucci.
The capital increase will enable BKN301 to accelerate the execution of its development strategy, both by leveraging existing assets and through targeted acquisitions. The funds will also be used to enhance BKN301’s proprietary BaaS Orchestrator platform. The solution offers core banking, payment processing, digital wallets, card issuing, API decoupling, cross-border services, open banking, and AI, ensuring smooth integration with third-party systems. With a scalable and innovative model, BKN301 helps traditional, fintech, and digital banks, including blockchain banking and token platforms, to integrate secure and scalable solutions, accelerating growth and expansion into new markets.
Having rapidly validated its model in high-growth markets such as Africa and the Middle East, where it has been chosen by major operators reaching 18 million customers daily in Egypt alone, BKN301 is now also moving effectively into Europe, where it is embarking on a new phase of growth as a global operator.
An evolution that starts in Italy, where the Group has entered into a partnership with HYPE to integrate the BKN301 BaaS Orchestrator platform into the application landscape of the neobank joint venture between Gruppo Sella and Illimity.
BKN301’s new course is supported not only by the validation of the model by industry players but also by its financial performance. With growth of 187% since entering the market in 2021, the company ended 2024 reaching operational break-even, with gross revenue at EUR 18.4m up 51% year-on-year, and 236% year-on-year growth in net revenue. During the year, the company contributed to the evolution of the industry through the development of payment and financial services based on its solutions, which reach 18 million users daily.
As digitisation continues to evolve, banking-as-a-service is becoming a reference model for the financial sector. The integration of AI and generative AI for financial services is also transforming the way institutions manage data, security and personalisation of offerings. The global market is estimated to reach a value of USD 60 billion by 2033 (source: Allied Market Research).
Stiven Muccioli, co-founder and CEO of BKN301 Group (pictured with the team), comments in a note: ‘The entry of new major investors, together with the confirmation of the trust of those who have already believed in our project, represents a strong signal of the solidity of our model. Closing a Series B round in this market environment is a significant achievement and marks the beginning of a new phase of growth. Our goal is clear: to bring a truly efficient, scalable and innovative banking-as-a-service model to global markets. With the new business plan, we estimate a CAGR of 36% EBITDA by 2028 and aim to bring innovative, user-friendly payment and financial services to more and more operators and their customers.”
Enrico Filì, Head of the Digital transition fund of CDP Venture Capital adds: “BKN301 represents an excellence recognised by clients and partners globally, a now international player that is effectively contributing to innovation in fintech. CDP Venture Capital is constantly committed to the enhancement of companies that promote innovation and create value in their respective fields. We have great confidence in the project and the work of the BKN301 team and are determined to support it in achieving its ambitious goals.
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