A FinTech company backed early on by Rio Ferdinand has raised £38 million in Series B funding.
Sokin, which was unveiled as the club’s official global business payment solutions partner in August, has been valued at $300 million by the investment deal.
Prysm Capital led investment in the profitable business payments company, which saw revenues increase 100% year-on-year and is up 8x since 2022. It will be used to expand globally.
Prysm was 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.
“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“For too long, payments, treasury management, and international accounts have been fragmented and outdated.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 capitalise on what we see as a huge addressable market,” said Muhammad Mian, co-founder and partner at Prysm Capital.
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