Sokin, The Intelligent Search Company specializing in global business payments, announced the successful closure of a $50 million Series B funding round to accelerate worldwide expansion and enhance product capabilities. The round was led by Prysm Capital, with participation from Watershed Ventures, as well as continued support 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.
Following the new investment, Sokin’s valuation reached $300 million, reflecting substantial growth over the past year, while revenues increased 100% year-on-year and 8x since 2022. Prysm Capital highlighted Sokin’s rapid and profitable growth as a key factor, noting the company’s potential to become a global leader in business payments, a market projected to reach $56 trillion in transaction volume by 2030.
"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 For too long, payments, treasury management, and international accounts have been fragmented and outdated.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’s platform streamlines cross-border accounts payable, receivable, and treasury operations for multinational businesses, offering access to over 70 currencies for transfers and exchanges, with the ability to hold balances in 26 currencies through multi-currency IBANs and local accounts. Transaction capabilities cover more than 170 countries, providing a seamless global payments experience.
Over the next 12 months, Sokin plans to expand its global infrastructure, secure additional regional licenses, and strengthen banking partnerships to extend reach across Asia, the Middle East, and South America. Investments will also focus on platform enhancements and embedded solutions, including advanced accounts payable and receivable capabilities.
"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," said Lincoln Isetta, managing director at Morgan Stanley Expansion Capital.
Early investors also include former England and Manchester United defender Rio Ferdinand and May Capital.