$300m Valued Sokin Raises $50m to Fuel Global Expansion
British fintech startup Sokin has raised US$50m in a Series B funding round, led by Prysm Capital with participation from Watershed Ventures and continued backing from Morgan Stanley Expansion Capital and Aurum Partners.
The new capital, which lifts Sokin’s valuation to a high of US$300m, follows a year of rapid growth for the London-headquartered firm. The past 12 months has seen its revenue double year on year, while its overall business performance has grown eightfold since 2022.
Sokin was founded in 2019 by CEO Vroon Modgill with the aim of simplifying international business payments. It does this by consolidating accounts payable, receivable and treasury functions into one single global platform. The response in the years since has been phenomenal.
Behind Sokin's expansion into key growth markets
The Series B funds will fuel a significant expansion across Asia, the Middle East and South America. Sokin plans to secure new regional licences and strengthen its network of banking partnerships to support multi-currency businesses in emerging financial hubs.
The company also intends to accelerate the development of its embedded finance infrastructure, which allows third-party firms to integrate Sokin’s global payment capabilities within their own platforms.
Advanced cross-border accounts payable and receivable features are also in the pipeline and will be aimed at helping fast-scaling enterprises manage their transactions with speed and transparency.
For Vroon, this latest round of funding will help to turn Sokin’s lofty ambitions into a reality.
"Prysm’s investment validates what we’ve built and gives us the capital to scale rapidly," he says.
"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"For too long, payments, treasury management and international accounts have been fragmented and outdated.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."
How Sokin is building a borderless payments network
Sokin’s technology already supports transfers in more than 70 currencies, with the ability to hold balances in 26 and issue multi-currency IBANs and local accounts.
Its reach now extends to more than 170 countries, providing multi-entity businesses with a way to manage global cash flow in real time – all through a single interface.
The startup’s infrastructure has found a home in industries like logistics, freight and sport. The latter sector has been so impressed by Sokin's functionality that Vroon's firm has managed to strike up high-profile partnerships with several Premier League football clubs.
For clients, Sokin can offer what Vroon describes as “clarity, control and operational confidence” as they scale internationally.
The company's investors see Sokin's momentum as clear evidence of how businesses are changing the way they approach global payments.
"Sokin is at a transformative stage, having demonstrated impressive year-on-year business growth," says Muhammad Mian, Co-Founder and Partner at Prysm Capital, which is one of the startup's largest investors.
"The company is perfectly positioned to become the definitive leader in cross-border payments. Critically, Sokin has already built the infrastructure to capitalise on what we see as a huge addressable market."
Getting the backing of institutional investors
The latest round of funding marked another show of confidence from Sokin's existing backers, following a US$15m debt funding the startup secured earlier this year.
"Sokin has continued to demonstrate exceptional execution and impressive growth over and above our expectations," explains Lincoln Isetta, Managing Director at Morgan Stanley Expansion Capital.
"We have every confidence the company will continue on its trajectory and spearhead the transformation of business payments and fast and efficient global commerce."
The company is already taking its globality to new levels, as shown by its ever-growing physical footprint. Sokin currently operates offices in the UK, US, Canada, the UAE, Singapore, Mexico, Norway and India, while more locations could follow in due course.
As Sokin moves into its next phase, it is likely to face stiff competition from the big players in the world of fintech that are already exploring cross-border B2B payments.
Nevertheless, its focus on embedded finance and unified global operations could well give the firm a useful edge in a sector that, in truth, is still fragmented by regional regulation and legacy banking frameworks.
It is early, but if this momentum continues, Sokin could develop into one of the UK’s most influential fintechs, wreathed with the promise of transforming how global businesses manage and move their money.
