Sokin Raises EUR 42.9 Million Series B for Payments Growth

London-based Sokin closed EUR 42.9 million in Series B funding. The round was led by Prysm Capital with several others joining. The money will help expand globally and improve the platform.

Funding details: EUR 42.9 million (Series B)

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Sokin just raised EUR 42.9 million in a Series B round.

The deal was led by Prysm Capital. Watershed Ventures joined in. There was also continued backing from funds managed by Morgan Stanley Expansion Capital, Aurum Partners, Gary Marino, and Mark Britto.

The funds will help push global expansion and build out product features in business payments, multi-currency accounts, and cross-border treasury tools.

Over the next year, the company plans to grow its infrastructure, get more regional licenses, and add banking partners in Asia, the Middle East, and South America. It will also put money into the platform and embedded solutions, especially accounts payable and receivable.

Vroon Modgill, Sokin’s CEO and founder, said the investment from Prysm shows what they’ve built is solid and gives them room to grow fast. He added they’ve worked for years on infrastructure to make global business smoother, and this cash helps take it worldwide.

Muhammad Mian from Prysm Capital said Sokin is at a key point with strong growth. He thinks it’s set to lead in cross-border payments and already has the setup to tap a big market.

Lincoln Isetta from Morgan Stanley Expansion Capital said the team has done better than expected with great results. He believes Sokin will keep going strong and change how business payments work globally.

Sokin offers a platform for global businesses to handle international payments. Companies can send and exchange over 70 currencies and hold balances in 26 currencies using multi-currency IBAN and local accounts. It is based in London and serves customers worldwide.

The news came from an EU-Startups article.