- Sokin raised $50 million in Series B funding, bringing its total raised to $96 million and boosting its valuation to $300 million following 100% year-over-year revenue growth.
- The fintech offers global payments, multi-currency accounts, and treasury tools across 170+ countries, positioning itself as a fast-scaling competitor in the $56 trillion cross-border payments market.
- Investors see Sokin as part of a new wave of infrastructure-focused payments challengers aiming to solve cross-border complexity at a global scale.
Global payments fintech Sokin raised $50 million in Series B funding this week. The round boosts the UK-based company’s total raised to $96 million since it was founded in 2019.
Today’s investment was led by Prysm Capital with additional contributions from Watershed Ventures and existing investors including 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.
With the new round, Sokin’s valuation has increased to $300 million. Prysm said that it invested in Sokin because of its “rapid and profitable growth” in the global business payments market, a subsector that is projected to see $56 trillion in transaction volume by 2030. The company’s revenues have increased by 8x since 2022, rising 100% year-over-year since then.
“Sokin is at a transformative stage, having demonstrated impressive year-on-year business growth,” said Prysm Capital Co-founder and partner Muhammad Mian. “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.”
Sokin’s platform brings together global payments, payment acceptance, and treasury management tools to support businesses operating across borders. The company provides access to more than 70 currencies and enables customers to hold 26 currencies in multi-currency accounts, facilitating transactions in over 170 countries.
“We’ve spent the past six years building a comprehensive financial infrastructure that makes global business faster and more efficient,” said Sokin CEO and Founder Vroon Modgill. “For too long, payments, treasury management, and international accounts have been fragmented and outdated.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.”
In the next year, Sokin will continue to build out its global infrastructure across Asia, the Middle East, and South America, including securing additional regional licenses and banking partnerships. Sokin will also invest in its platform and embedded solutions to expand its accounts payable and receivable capabilities.
This funding round positions Sokin on a growing list of challengers building global payments infrastructure, competing not just with banks but also with new providers like Airwallex, Nium, and Rapyd. Investor appetite for these organizations shows that the winners in this new era of payments will be those that solve cross-border complexity at the infrastructure level, not just through front-end interfaces. If Sokin can turn its rapid revenue growth into market share, it may emerge as a key operator in the growing cross-border payments market.