London-based business payments firm Sokin has successfully closed a $50 million funding round, significantly boosting its valuation to $300 million. The investment was led by US-based Prysm Capital and signals strong investor confidence in the company's profitable growth trajectory. This capital injection arrives as the business-to-business fintech sector continues to attract more investment than its consumer-facing counterparts.
A Testament to Profitable Growth
Sokin's recent funding follows a period of exceptional financial performance, marked by a 100% year-on-year increase in revenue. The company's revenues have surged eightfold since 2022, a testament to its scalable and efficient business model. Achieving profitability has been a key differentiator, making it an attractive proposition for growth-stage investors in a competitive market.
Lead investor Prysm Capital highlighted Sokin's rapid and profitable expansion as a primary reason for its investment. The firm sees Sokin as being perfectly positioned to become a definitive leader in the vast cross-border payments industry, a market projected to see $56 trillion in volume by 2030. This investment validates the robust infrastructure Sokin has built and its potential for significant future scaling.
Strategic Allocation for Global Expansion
The new capital is earmarked for an ambitious global expansion strategy over the next twelve months. Sokin plans to secure additional regional licenses and forge new banking partnerships to extend its operational footprint. The company is specifically targeting high-growth markets across Asia, the Middle East, and South America to solidify its global presence.
Alongside geographic expansion, a significant portion of the funds will be channeled into product development. Sokin intends to enhance its core platform, with a particular focus on expanding its leading accounts payable and receivable capabilities. The company will also bolster its embedded finance solutions, enabling other businesses to integrate its powerful payment infrastructure directly.
Redefining Cross-Border Commerce
According to CEO and founder Vroon Modgill, Sokin has spent six years developing a comprehensive financial infrastructure to streamline global business operations. The platform unifies traditionally fragmented services like payments, treasury management, and international accounts into a single, efficient system. It currently enables businesses to manage over 70 currencies and transact across more than 170 countries.
The funding round also saw continued support from a strong syndicate of existing investors, including Morgan Stanley Expansion Capital. Notable backers such as former PayPal executives Gary Marino and Mark Britto also participated, underscoring the industry's confidence in Sokin's vision. This diverse and experienced investor base provides a solid foundation for the company's next phase of growth.
This $50 million investment marks a pivotal moment for Sokin, providing the necessary capital to accelerate its mission of simplifying global commerce. With a new valuation of $300 million and a clear strategy for expansion and innovation, the company is poised for significant growth. As the B2B fintech landscape evolves, Sokin's proven model positions it as a key player in transforming international business payments.