Soft Lab Business Solutions & Consulting was founded by Sheikh Abdulla Eid M T Al-Thani, and it provides consultancy services and tools that help companies evolve and expand while supporting innovation processes in Qatar. The result of this partnership is the Doha-based BKN301 Software Design company, which was created in line with the goals of the joint venture and the dynamics of the geographical area of interest.
According to the official press release, the BKN301 group aims to establish itself as an important player in Banking as a Service in high-growth markets. The Arabian Gulf and its confining countries have experienced strong demographic growth as well as a low usage rate of modern digital technologies in the payment sector.
However, according to a report by Statista, interest in digital payments and new banking services is on the rise in Qatar, with the total value of digital transactions in the country expected to reach USD 5.58 billion by the end of 2022. This figure is expected to grow at a CAGR of 13.4% over the next five years, in which case it would reach USD 10.47 billion in 2027.
BKN301 officials have stated in the official press release that BKN301 Software Design WLL aims to introduce new digital financial instruments in high-growth countries that still lack innovative solutions to help them in their digitalisation transition.
In July 2022, Damen ePayment has partnered with BKN301 and Cashflo, BKN301’s exclusive Egyptian partner, to fully digitise its product infrastructure, expand its offering with innovative services and improve the user experience through its technology platform.
The agreement is part of BKN301's international growth strategy, which involves becoming the leading open-market and cross-border operator in the Open Banking and digital payments sector, bringing its solutions to international markets with a strong focus on fast-growing markets.
The BaaS platform developed by BKN301, through its digital wallet and 301XB, a product that enables cross-border transactions, will allow Damen to provide new features and solutions to its customers and facilitate transactions with key Egyptian trading partners in the GCC countries.
In the same month, BKN301 has raised EUR 15 million in a Series A funding round. The new funding came shortly after closing the seed round at the beginning of 2022 and raised the total valuation of the company to EUR 63 million. The capital will help develop the platform's technological infrastructure and support its growth among emerging markets in Africa, the Middle East, and Eastern Europe.
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