Sokin today announced it has secured £38 million in Series B funding to accelerate its global expansion and product capabilities. The round was led by Prysm Capital and joined by Watershed Ventures, with continued participation from investment funds managed by Morgan Stanley Expansion Capital, Aurum Partners, Gary Marino and Mark Britto.
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.
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 licences 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.
