- Prysm Capital leads investment in the fast growing and profitable global business payments company, increasing Sokin’s valuation to $300 million
- The funding will accelerate global market expansion, strengthen financial infrastructure and enhance product capability globally
LONDON–(BUSINESS WIRE)–Sokin today announced it has secured $50 million in Series B funding to accelerate its global expansion and product capabilities. The round was led by Prysm Capital (“Prysm”) and joined by Watershed Ventures, with continued participation from investment 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.
Following Prysm’s investment, Sokin’s valuation has grown substantially from last year to $300 million, with the company’s revenues increasing 100% year-on-year and up 8x since 2022.
Prysm invested in Sokin because of its rapid and profitable growth, demonstrating its potential to become the leader in global business payments, a market projected to see $56 trillion in transaction volume by 2030.
“Prysm’s investment validates what we’ve built and gives us the capital to scale rapidly,” said Vroon Modgill, CEO and founder of Sokin. “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 For too long, payments, treasury management, and international accounts have been fragmented and outdated.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 has built a comprehensive platform that streamlines cross-border accounts payable, receivable, and treasury operations for global businesses. The company provides access to more than 70 currencies for transfers and exchanges, with the ability to hold balances in 26 currencies through multi-currency IBAN and local currency accounts, and transaction capabilities across more than 170 countries.
In the coming 12 months, the company will further build out its global infrastructure and secure additional regional licenses and banking partnerships, further extending Sokin’s global reach in markets across Asia, the Middle East and South America. Sokin also plans to invest in its platform and embedded solutions, including expanding its leading accounts payable and receivable capabilities.
“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,” said Muhammad Mian, co-founder and partner at Prysm Capital.
“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,” said Lincoln Isetta, managing director at Morgan Stanley Expansion Capital.
Other early investors in the company include former England and Manchester United defender Rio Ferdinand and May Capital.
About Sokin
Sokin was founded in 2019 with a simple vision to remove borders, barriers and burdens associated with international payments. Today it enables global businesses to send and exchange more than 70 currencies and hold balances in 26 currencies with its multi-currency IBAN and local currency accounts — all through one comprehensive platform that streamlines cross-border accounts payable, receivable, and treasury operations.
The company offers end-to-end payment solutions directly to business clients, and enables other organizations to offer Sokin’s payment infrastructure to their own customers, through embedded finance solutions. The company supports businesses across a wide range of verticals, from freight and logistics through to Premier League football clubs, giving them the clarity and control to run faster, scale smarter, and manage global payments with speed, efficiency and transparency.
Headquartered in the United Kingdom, the company has offices in the United States, Canada, United Arab Emirates, Singapore, Mexico, Norway and India. For more information, visit www.sokin.com.
About Prysm Capital
Prysm Capital seeks to partner with disruptive and generational companies at the inflection point of accelerated growth. With offices in New York, Princeton and San Francisco, Prysm serves as a flexible source of growth capital to founders and management teams building companies in the technology and consumer sectors. For more information, visit www.prysmcapital.com.
Contacts
James Hannaford, Chief Growth Officer – [email protected]
