The Series B round brings Sokin’s valuation to $300 million, and will help accelerate the company’s expansion, bolster its financial infrastructure and enhance its product capability, according to a Monday (Dec. 1) news release.
“Sokin is at a transformative stage having demonstrated impressive year-on-year business growth,” said Muhammad Mian, co-founder and partner at Prysm Capital, which led the round.
“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.”
According to the release, Sokin’s platform is designed to streamline cross-border accounts payable, receivable and treasury operations for global businesses. The company offers access to more than 70 currencies for transfers and exchanges, and can hold balances in 26 currencies through multi-currency IBAN and local currency accounts, as well as transaction capabilities in more than 170 countries.
In the coming year, Sokin says it plans to expand its infrastructure and secure more regional licenses and banking partnerships, to extend its reach in Asia, the Middle East and South America. The company also plans to invest in its platform and embedded solutions, including expanding its accounts payable and receivable capabilities.
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Sokin founder and CEO Vroon Modgill said the funding round follows the company’s six-year effort to build a “comprehensive financial infrastructure” to streamline global business.
“For too long, payments, treasury management, and international accounts have been fragmented and outdated,” Mogdill said. “We’ve built the platform that brings it all together, and this funding lets us accelerate that vision globally.”
Research by PYMNTS Intelligence and Citi, from the report “The Treasury Management Playbook: Spotlight on Cross-Border Payments,” found cross-border payments are more crucial than ever and that businesses are searching for ways to minimize the frictions associated with international transactions.
“The report found that the three most commonly cited pain points are slow speeds, lack of transparency and high costs, and that the more a business looks abroad for new markets and customers, the more important seamless and efficient cross-border payments become,” PYMNTS wrote in October.
