Sokin secures $15m in debt funding from BlackRock to expand cross-border payment operations.
The payments fintech has raised $15m in debt financing from BlackRock to scale its global footprint.
≈ £12.1M at $1 = £0.8064 on 31 Jan 2025
Sokin provides a global payments platform that unifies accounts payable, receivable, and treasury operations for businesses worldwide.
Sokin has secured $15m in debt funding from funds and accounts managed by BlackRock to support its international expansion and product development efforts. The transaction follows a $31m strategic investment from Morgan Stanley Expansion Capital several months prior.
Founded in 2019, the company provides multi-currency IBAN and account services designed to facilitate cross-border transactions for clients ranging from logistics providers to sports clubs. The firm currently processes more than $2.5bn in annual transactional volume, with run-rates exceeding $4.5bn.
The fresh capital will be directed towards growing market share, scaling the team, opening new offices in London, New York, Toronto, and Dubai, and developing new product offerings.
From the founder
"This investment represents an exciting new chapter for Sokin – one filled with immense opportunities for growth and innovation. By joining forces with the Morgan Stanley Expansion Capital team, we gain access to unparalleled resources and expertise which we believe will enable us to accelerate our growth trajectory and better serve our customers."
Vroon Modgill
CEO and founder at Sokin
Investor perspective
"Sokin demonstrated outlier growth and capital efficiency that was powered by a great product and a high achieving team. We are pleased to partner with Vroon and the Sokin team to leverage our experience working with high-performing companies raising their first significant institutional capital. We believe Sokin has built a modern, comprehensive technology platform that is well suited to help enterprises simplify payments across geographies. Many of the world’s largest and most sophisticated companies and sports clubs already trust Sokin to execute strategic payments and we believe Sokin is at the forefront of technology leadership in those markets."
Lincoln Isetta
managing director, Morgan Stanley Expansion Capital
Use of funds
- 01Continue product development
- 02Expand into international markets
- 03Grow the team