UK-based Banking-as-a-Service (BaaS) technology provider BKN301 has secured an approximately £10 million credit facility from BlackRock-managed funds, extending its Series B funding round to £29 million.
The BlackRock facility supplements BKN301’s £18.6 million Series B round completed in April, and will be used by the company to expand operations in European, African, and Middle Eastern markets.
Established in 2021, BKN301 currently serves eight financial institutions across the EMEA region with BaaS infrastructure. The offering encompasses AI tools, core banking services, cross-border transactions, card issuing, payment processing, open banking capabilities, digital wallets, and API integration services.
The Series B extension builds on BKN301’s 2022 Series A round, where Swiss fund Abalone Group led a €15 million (£12 million) investment that valued the company at approximately £53 million.
The fresh cash injection has been earmarked to support BKN301’s 18-month roadmap. The strategic plan focuses on enhancing AI systems within its flagship platform, expanding strategic partnerships, and, according to a company statement, “exploring new M&A opportunities to accelerate technological innovation and market reach”.
BKN301 has already demonstrated its acquisition strategy through its recent purchase of London-based fintech Planky. Founded in 2014, Planky brings specialised AI and data analytics capabilities, including behavioural scoring, real-time financial insights, and predictive analytics through proprietary machine learning models. This technology will be integrated directly into BKN301’s existing platform.
Financial terms of the deal remain undisclosed, and BKN301 has not revealed details about the future roles of Planky’s leadership team, including CEO and founder Loubna Bazine.
Source: https://www.fintechfutures.com/
