Sokin, a UK-headquartered fintech company, has announced the successful closure of a $50 million Series B funding round, earmarked to accelerate its global expansion and enhance its product capabilities in cross-border business payments.
The funding round was led by Prysm Capital, with additional participation from Watershed Ventures and continued investment from funds managed by Morgan Stanley Expansion Capital, Aurum Partners, Gary Marino (former Chief Commercial Officer at PayPal), and Mark Britto (former Chief Product Officer at PayPal). This investment by Prysm Capital has boosted Sokin’s valuation to $300 million, a substantial increase from the previous year.
Sokin has reported significant growth, with revenues increasing 100% year-on-year and an eightfold increase since 2022. Prysm Capital cited Sokin’s rapid and profitable growth as a key factor in its investment, highlighting the company’s potential within the global business payments market, which is projected to reach $56 trillion in transaction volume by 2030.
Vroon Modgill, CEO and founder of Sokin, stated, “Prysm’s investment validates what we’ve built and gives us the capital to scale rapidly. We’ve spent the past six years building a comprehensive financial infrastructure that makes global business faster and more efficient. For too long, payments, treasury management, and international accounts have been fragmented and outdated. We’ve built the platform that brings it all together, and this funding lets us accelerate that vision globally.”
Sokin’s platform centralizes cross-border accounts payable, receivable, and treasury operations for businesses worldwide. It offers access to over 70 currencies for transfers and exchanges, supports holding balances in 26 currencies through multi-currency IBAN and local currency accounts, and facilitates transactions across more than 170 countries.
Over the next 12 months, Sokin plans to further develop its global infrastructure, secure additional regional licenses, and forge new banking partnerships. These steps are intended to extend Sokin’s reach into markets across Asia, the Middle East, and South America. The company also intends to invest in its platform and embedded solutions, specifically expanding its accounts payable and receivable functionalities.
Muhammad Mian, co-founder and partner at Prysm Capital, commented, “Sokin is at a transformative stage having demonstrated impressive year-on-year business growth. The company is perfectly positioned to become the definitive leader in cross-border payments. Critically, Sokin has already built the infrastructure to capitalize on what we see as a huge addressable market.” Lincoln Isetta, managing director at Morgan Stanley Expansion Capital, added, “Sokin has continued to demonstrate exceptional execution and impressive growth over and above our expectations. We have every confidence the company will continue on its trajectory and spearhead the transformation of business payments and fast and efficient global commerce.”
Established in 2019, Sokin’s mission is to simplify international payments for businesses. The company provides end-to-end payment solutions directly to clients and enables other organizations to integrate Sokin’s payment infrastructure through embedded finance solutions. Early investors also include former England and Manchester United defender Rio Ferdinand and May Capital. Sokin, headquartered in the United Kingdom, maintains offices in the United States, Canada, United Arab Emirates, Singapore, Mexico, Norway, and India.
