London-based payments firm Sokin has increased its valuation to $300m (£226m) after securing a $50m (£37.7m) Series B investment.
Known for its business-facing cross border payments products, Sokin has seen a period of rapid growth, with its reported revenue doubling year-on-year.
Looking ahead to the next 12 months, Sokin said it will continue to build out its global infrastructure and seek additional regional licences and banking partnerships to extend its reach. The firm expanded to the European Union last year following the acquisition of Norwegian fintech Settle, which had already been granted a European EMI licence.
“We’ve spent the past six years building a comprehensive financial infrastructure that makes global business faster and more efficient,” said Sokin founder and chief executive Vroon Modgill (pictured).
“For too long, payments, treasury management, and international accounts have been fragmented and outdated.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.”
The Series B round was led by Prysm Capital and included investment from Watershed Ventures, Morgan Stanley Expansion Capital, Aurum Partners and the former chief commercial officer and chief product officer of PayPal.
“Sokin is at a transformative stage having demonstrated impressive year-on-year business growth,” said Muhammad Mian, co-founder and partner at Prysm Capital.
“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.”