Sokin has announced that it has secured USD 50 million in Series B funding in order to accelerate its global expansion and product capabilities.
Following this announcement, the round was led by Prysm Capital and joined by Watershed Ventures, with continued participation from investment funds managed by Morgan Stanley Expansion Capital and Aurum Partners, as well as former officials of PayPal.
In addition, the company focused on building a secure financial infrastructure that aims to make global business faster and more efficient. As payments, treasury management, and international accounts have been fragmented and outdated, Sokin’s platform is set to bring them all together, while the new funding will give the company the possibility to accelerate its strategy around the world.
Streamlining cross-border accounts payable, receivable, and treasury operations for global businesses.
Sokin was developed in order to offer end-to-end payment solutions directly to business clients and to enable other organisations to offer Sokin's payment infrastructure to their own customers through the use of Embedded Finance solutions. Furthermore, the company supports businesses across a wide range of verticals, from freight and logistics to football clubs, focusing on giving them the needed control to run faster, scale smarter, and manage global payments with speed, efficiency, and transparency.
According to the official press release, in the following 12 months, the institution is expected to further build out its global infrastructure and secure additional regional licenses and banking partnerships, while also extending Sokin’s global reach in markets across the region of Asia, the Middle East, and South America. At the same time, Sokin plans to invest in its platform and embedded solutions, including expanding its accounts payable and receivable capabilities.
Moreover, Sokin will continue to focus on meeting the needs, preferences, and demands of clients and users in a market projected to see USD 56 trillion in transaction volume by 2030, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the industry.
