London-based funds agency Sokin has elevated its valuation to $300m (£226m) after securing a $50m (£37.7m) Sequence B funding.
Recognized for its business-facing cross border funds merchandise, Sokin has seen a interval of speedy progress, with its reported income doubling year-on-year.
Looking forward to the following 12 months, Sokin mentioned it’ll proceed to construct out its international infrastructure and search extra regional licences and banking partnerships to increase its attain. The agency expanded to the European Union final yr following the acquisition of Norwegian fintech Settle, which had already been granted a European EMI licence.
“We’ve spent the previous six years constructing a complete monetary infrastructure that makes international enterprise sooner and extra environment friendly,” mentioned Sokin founder and chief government Vroon Modgill (pictured).
“For too lengthy, funds, treasury administration, and worldwide accounts have been fragmented and outdated. We’ve constructed the platform that brings all of it collectively, and this funding lets us speed up that imaginative and prescient globally.”
The Sequence B spherical was led by Prysm Capital and included funding from Watershed Ventures, Morgan Stanley Enlargement Capital, Aurum Companions and the previous chief industrial officer and chief product officer of PayPal.
“Sokin is at a transformative stage having demonstrated spectacular year-on-year enterprise progress,” mentioned Muhammad Mian, co-founder and associate at Prysm Capital.
“The corporate is completely positioned to change into the definitive chief in cross-border funds. Critically, Sokin has already constructed the infrastructure to capitalize on what we see as an enormous addressable market.”
