UK B2B cross-border payments outfit Sokin is targeting international growth after securing $50 million in Series B funding led by Prysm Capital.
The round - which sees Sokin's valuation hit $300 million - was joined by Watershed Ventures, investment funds managed by Morgan Stanley Expansion Capital, Aurum Partners, and former senior PayPal execs Gary Marino and Mark Britto.
Sokin's platform 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 accounts, and transaction capabilities across more than 170 countries.
Over the next year it plans to build out its global infrastructure and secure additional regional licenses and banking partnerships, extending its reach in markets across Asia, the Middle East and South America.
Vroon Modgill, CEO, Sokin, says: "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 For too long, payments, treasury management, and international accounts have been fragmented and outdated.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.”