Sokin secures $100 million debt facility to accelerate global expansion

Sokin has raised $100 million in long-term debt from Oxford Finance, a move the payments company said would accelerate international growth and fund new product development.

The London-based financial technology group said proceeds from the facility would support expansion across North America, Asia, the Middle East and South America, fast-track licence acquisitions and banking partnerships, and help scale its payments infrastructure.

Sokin said it would also invest in embedded finance products that integrate payments directly into business workflows.

“This capital positions us to own embedded payments as the infrastructure layer,” said Vroon Modgill, chief executive and founder.

“Companies need payments integrated into workflows, not merely added on. They seek fewer vendors and fewer bottlenecks.”

The financing follows a $50 million Series B round in December led by US investment firm Prysm Capital, which valued the company at $300 million.

Sokin said it achieved 100% year-on-year revenue growth and remained profitable, citing recognition by The Sunday Times, despite a 23% decline in overall fintech deal activity last year, according to data from Crunchbase.

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The company’s platform handles cross-border accounts payable, receivable and treasury operations, offering access to over 70 currencies and supporting transactions in more than 170 countries.

Users can hold balances in 26 currencies through multi-currency International Bank Account Numbers and local currency accounts.

The Recap

• Sokin secured a $100 million long-term debt facility.
• Company achieved 100% year-on-year revenue growth and profitability.
• Proceeds to fund expansion and embedded payments development.