Sokin has raised $50 million in Series B funding to advance its global business payments platform following a year marked by 100% revenue growth and an eightfold increase since 2022. The investment round was led by Prysm Capital, with participation from Watershed Ventures, Morgan Stanley Expansion Capital–managed funds, Aurum Partners, Gary Marino (former Chief Commercial Officer at PayPal), and Mark Britto (former Chief Product Officer at PayPal). The latest financing increases Sokin’s valuation to $300 million.
Founded in 2019, Sokin has developed a comprehensive platform serving global businesses through streamlined cross-border accounts payable and receivable functions, treasury operations, access to more than 70 currencies for transfers and exchanges, and the ability to hold balances in 26 currencies through multi-currency IBAN and local accounts. Its transaction capabilities span more than 170 countries. The company’s rapid growth has positioned it as a strong contender in the global business payments sector, which is projected to reach $56 trillion in transaction volume by 2030.
Sokin plans to use the new funding to accelerate expansion, strengthen its global financial infrastructure, secure additional regional licenses, and deepen its banking partnerships across Asia, the Middle East and South America. The company will also invest in its platform and embedded financial solutions, which include expanded accounts payable and receivable capabilities.
Prysm Capital’s investment follows a period of significant commercial momentum for Sokin. According to the company, the funding will help scale its infrastructure and expand its reach as demand rises for unified international payments and treasury systems. Early investors include Rio Ferdinand and May Capital.
KEY QUOTES:
“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 For too long, payments, treasury management, and international accounts have been fragmented and outdated.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.”
Vroon Modgill, CEO and Founder of Sokin
“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.”
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.”
Lincoln Isetta, Managing Director at Morgan Stanley Expansion Capital
