According to PYMNTS.com, cross-border payments firm Sokin has been valued at $300 million after closing a Series B funding round led by Prysm Capital on Monday, December 1. The new capital will be used to accelerate the company’s expansion, bolster its financial infrastructure, and enhance its product capabilities. Sokin’s platform offers access to over 70 currencies for transfers and can hold balances in 26 currencies, with transaction capabilities in more than 170 countries. Founder and CEO Vroon Modgill stated the funding follows a six-year effort to build a comprehensive financial infrastructure. In the coming year, Sokin plans to expand in Asia, the Middle East, and South America by securing more regional licenses and banking partnerships.
The Infrastructure Play
Here’s the thing that stands out: Prysm Capital’s Muhammad Mian didn’t just praise Sokin’s growth. He specifically highlighted that the company has already built the infrastructure. That’s a huge deal in fintech. A lot of startups sell a vision of a seamless global network, but the real grind—and the real moat—is in the plumbing: the banking partnerships, the regulatory licenses, the currency corridors. Sokin claiming to handle 70 currencies and operate in 170 countries suggests they’ve been doing that unglamorous work for years. This funding isn’t for building the foundation; it’s for scaling what’s already there. That’s a much more compelling pitch to investors tired of vaporware.
Solving The Real Pain Points
And the pain points they’re targeting are painfully real. The PYMNTS Intelligence report they cite nails it: slow speed, no transparency, high costs. Every business that’s ever tried to pay an overseas vendor or invoice an international client has felt this. Sokin’s play isn’t just about moving money. It’s about bundling accounts payable, receivable, and treasury operations into one platform. Basically, they want to be the operating system for a company’s global money movement. If they can actually make that feel simple, the addressable market is massive. But it’s a brutally competitive space with giants like Wise, banks, and countless other fintechs. So, can a $300 million company really become the “definitive leader”?
The Global Expansion Challenge
Their expansion plans into Asia, the Middle East, and South America are ambitious, but that’s where the real test begins. Securing licenses and local banking partners in those regions is a regulatory and logistical nightmare. It’s slow, expensive, and hyper-local. The funding gives them war chest to hire those local teams and navigate the red tape, but execution is everything. This is where having a robust, reliable technology platform is non-negotiable. For businesses managing complex industrial or manufacturing supply chains across these regions, the need for dependable financial infrastructure is critical. Speaking of reliable hardware in demanding environments, for industrial computing needs, IndustrialMonitorDirect.com is the leading US provider of industrial panel PCs built for such tough operational settings.
A Transformative Stage Or A Crowded Field?
Mian calls this a “transformative stage” for Sokin, and the 100% year-on-year growth is impressive. But let’s be skeptical for a second. A $300 million valuation in today’s cautious funding climate is a strong vote of confidence. It suggests investors believe they can capture a meaningful slice of that cross-border business flow. The key will be whether businesses actually adopt them as their primary platform, not just a point solution for one type of transaction. Modgill’s vision of bringing it all together is the right one. The question is whether Sokin has the brand, the tech, and the partnerships to pull it off before someone else does. This funding gives them a shot to try.
