London-based Banking-as-a-Service (BaaS) provider BKN301 has closed a £18.6 million Series B funding round to accelerate its international growth strategy and pursue strategic acquisitions. The investment, backed by both existing and new investors including CDP Venture Capital and Azimut Libera Impresa, comes as the fintech reports achieving operational break-even with £15.9 million in 2024 gross revenue—marking 51% year-over-year growth.
The funding round follows BKN301’s €15 million raise in 2022, when the company was valued at €36 million. Since its 2021 market entry, the fintech has delivered 187% cumulative growth, with net revenues surging 236% YoY in its most recent fiscal year. The company currently operates across Europe, Africa, and the Middle East, offering a comprehensive suite of financial infrastructure including core banking systems, payment processing, digital wallets, and AI-powered solutions through its BaaS Orchestrator platform.
“We’re proving that efficient, scalable BaaS models can thrive even in challenging market conditions,” said co-founder and CEO Stiven Muccioli. The company projects a 36% EBITDA CAGR through 2028 as it executes an ambitious expansion plan beginning with its recent contract win to power Italian neobank Hype’s infrastructure.
BKN301 maintains offices in London, Milan, San Marino, and Doha, strategically positioning itself between emerging and developed financial markets. The fresh capital will enable the fintech to deepen its European presence while continuing to serve high-growth markets in Africa and the Middle East, where it first established its business footprint.
The Series B success underscores growing investor confidence in embedded finance solutions, particularly those combining traditional banking infrastructure with modern API connectivity and AI capabilities. As financial services continue fragmenting across verticals and geographies, BKN301’s platform aims to help financial institutions and non-bank businesses rapidly deploy compliant financial products.
Key Growth Metrics:
- 51% YoY gross revenue growth (£15.9M 2024)
- 236% YoY net revenue increase
- 187% cumulative growth since 2021 launch
- Operational break-even achieved
Strategic Priorities:
- European market expansion starting with Italy
- Platform enhancements including GenAI features
- Potential acquisitions to bolster tech stack
The funding round positions BKN301 among a select group of BaaS providers successfully navigating current market headwinds while demonstrating clear paths to profitability—a critical differentiator as regulators scrutinize the financial health of banking infrastructure providers.