London-based payments firm Sokin said it has secured debt funding of $15 million from funds and accounts managed by BlackRock. This strategic funding will help catapult Sokin’s growth curve, allowing the company to better enhance its product offerings, expand into new markets and increase its operations by opening offices in key international cities across the world.

About the Company

Sokin was founded in 2019 and has since quickly become a transformative player in the fintech landscape. The company provides an all-encompassing platform that enables global businesses to manage their financial operations with unprecedented efficiency and transparency. 

By providing clients with multi-currency IBAN and local currency accounts, Sokin allows them to transfer, hold, and exchange over 100 currencies, thereby catering to a diverse range of industries from freight and logistics to Premier League football clubs.

Sokin’s commitment to simplifying international payments is evident in its user-centric approach, providing businesses with the tools they need to navigate the complexities of global finance seamlessly. The platform’s robust capabilities have led to a transactional volume run-rate exceeding $4.5 billion annually, reflecting the trust and confidence that clients place in Sokin’s solutions.

Read also: Formance a Paris-based fintech startup, has raised $21M co-led by PayPal

Recent Growth and Milestones

Sokin has just hit a significant growth milestone with a recent $15 million debt financing from BlackRock. The firm had received a strategic investment of $31 million from Morgan Stanley Expansion Capital in July 2024, signaling the company’s strong market position and the investors’ confidence in its vision. 

Following the investment from Morgan Stanley, Sokin has reported a 51% increase in account openings and a 130% growth in headcount, highlighting the company’s rapid expansion and the growing demand for its services. The acquisition of Norwegian fintech Settle Group AS further bolstered Sokin’s capabilities, granting the company a European EMI license and unlocking new growth opportunities across the region.

Read also: Berlin-based fintech startup Tapline raised €20M led by Karim Beshara

Strategic Objectives Post-Funding

With the injection of capital from BlackRock, Sokin is well-positioned to implement several strategic moves that will help it strengthen its market position and provide better value to its customers:

• Market Expansion: The company will expand its global footprint by opening new offices in London, New York, Toronto, and Dubai, which will place it closer to key markets and clients. FINEXTRA.COM
• Product Development: Sokin will focus on innovation of the product suite with new solutions to improve its proposition and address changing needs of businesses worldwide.
• Team Scaling: The company aims to scale the team massively by hiring top talent that can help in supporting the growth of the company and ensure operational excellence.

These strategic objectives are aligned with Sokin’s mission of removing the borders, barriers, and burdens associated with international payments, offering businesses a seamless and efficient financial experience.

Read also: Amsterdam-based fintech startup Klearly raised €6M led by Global PayTech Ventures

Leadership Insights

Vroon Modgill, CEO and Founder of Sokin, was enthusiastic about the recent funding:

“This vote of confidence from BlackRock is a testament to the strength of our proposition and the rate at which we’ve managed to onboard new business customers,” Bunton added. “This funding will further elevate our product offering, expand our international team, and break into new, untapped markets.” 

Modgill’s vision for Sokin is aligned with innovation and customer-centricity, compelling the company to continually evolve to what the global market demands in terms of services.

High-Profile Investors

Sokin has grown from a relatively humble beginning into an outfit gracing high-profile investors, including:

• Gary Marino: Former Chief Commercial Officer at PayPal
• Mark Britto: Former Chief Product Officer at PayPal.
• Aurum Partners: An investment fund linked to the owners of the San Francisco 49ers.
• Rio Ferdinand: Former England and Manchester United defender.

The endorsement by these respected investors is a testament to the conviction in Sokin’s vision and the prospects of its solutions disrupting the payments landscape.

Read also: Paris-based startup Hyperline has raised $10M to Automated Billing for SMEs

Future Prospects

As Sokin continues to deliver on its strategic initiatives, it is set up to transform the landscape of cross-border payments. The fresh capital from BlackRock not only fills the gap to fuel further expansion but also marks a vote of confidence in the innovative model that Sokin offers and its huge market potential.

Focusing on the expansion of its market, new product development, and team scale-up, Sokin is best positioned to enhance value for clients and stakeholders as it drives efficiency and transparency into global financial operations.

As this exciting new chapter unfolds for the company, the mission remains unwavering to remove borders, barriers, and burdens associated with international payments in empowering businesses to thrive in the global economy.