Riyadh – Sharikat Mubasher: Fintech firm BKN301 Group secured $23.8 million in fresh capital to accelerate its international growth, with plans to expand into the United Arab Emirates and Saudi Arabia.

The global Banking-as-a-Service (BaaS) provider, which operates across the Middle East, Europe, and Africa, said in a press release that the funding will also enhance its proprietary BaaS Orchestrator platform.

This platform supports banks and fintechs with modular services such as core banking, payment processing, digital wallets, card issuance, cross-border payments, open banking, and AI-powered tools.

The Series B round attracted new institutional and private investors, including CDP Venture Capital SGR (via its Digital Transition Fund), Azimut Libera Impresa SGR under FNDX advisory, SIMEST (on behalf of Italy’s Ministry of Foreign Affairs), Alisei Forinvestments, and others. They join earlier backers such as SM Capital, Prosus Group, CRIF, and Abalone Group.

Having validated its model in fast-growing markets like Egypt—where it supports 18 million customers daily—BKN301 is also expanding its footprint in Europe. In Italy, it recently partnered with the neobank HYPE to integrate its BaaS solutions into HYPE’s application environment.

The company reported gross revenues of €18.4 million in 2024, marking a 51% year-on-year increase, with net revenues growing by 236%. Since launching in 2021, BKN301 has achieved 187% total growth and has now reached operational break-even.

Stiven Muccioli, Co-founder and CEO, said the latest round validates the scalability of BKN301’s model: “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."