London headquartered FinTech payments firm Sokin has secured €14.4 million debt funding from funds and accounts managed by BlackRock, enabling the business to continue its growth trajectory and open offices in the US, EU, and the Middle East.
The funding comes just months after Morgan Stanley Expansion Capital acquired a stake in the business with a strategic investment worth €29.8 million.
Vroon Modgill, CEO & Founder of Sokin, said: “We’re on a mission to make a major impact and become the go-to partner for businesses taking on the global stage. This backing from BlackRock serves as a testament to the strength of our proposition, and the rate in which we’ve managed to onboard new business customers. With this funding, we’ll further elevate our product offering, expand our international team, and break into new, untapped markets.”
Founded in 20019 by Vroon Modgill, Sokin enables global businesses to transfer, hold and exchange over 100 currencies with its multi-currency IBAN and local currency accounts – all through one platform. It supports businesses across a wide range of verticals, from freight and logistics through to Premier League football clubs, enabling them to manage global payments and financials. Sokin’s platform has already led to more than €4.3 billion in transactional payment volume per year.
Sokin has seen significant growth in recent months following an investment in July, including a 51% increase in account openings, and a 130% increase in headcount. It also recently acquired Norwegian fintech Settle Group AS, gaining a European EMI license and unlocking new growth opportunities across region.
“We’ve built a system that delivers on the Sokin promise – to reduce the barriers for companies to move money around the world at ease and with speed. But, we’re not finished here. We’re constantly increasing coverage to support not only existing clients but to help those in jurisdictions that don’t yet benefit from sophisticated banking structures. Furthermore, we’re committed to providing more advanced features to businesses to simplify not only cross-border payments and receivables, but the holding of multiple currencies,“ added Modgill.
The latest funding will enable Sokin to further grow its market share, develop new products which enhance its proposition and significantly scale its team including new offices in London, New York, Toronto and Dubai.
Sokin has a number of notable investors backing the business, including Gary Marino, former Chief Commercial Officer at PayPal, Mark Britto, former Chief Product Officer at PayPal, Aurum Partners, the investment fund affiliated with the owners of the San Francisco 49ers, as well as former England and Manchester United defender Rio Ferdinand.
Tim Fenwick, Director at BlackRock Growth Debt, said: “Sokin has developed a unique and compelling proposition that helps solve major challenges facing international businesses. We are glad to support Sokin’s rapid growth trajectory and welcome them to our diverse portfolio of high-growth companies.”
Read the orginal article: https://www.eu-startups.com/2025/01/fintech-firm-sokin-secures-e14-4-million-debt-funding-from-funds-and-accounts-managed-by-blackrock/
