London fintech Sokin has secured $15m debt funding from funds and accounts managed by BlackRock as it accelerates its plans for growth.
The payments business, which was founded in 2019, said the funding would allow it to 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.
Vroon Modgill, CEO & Founder of Sokin, said: “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.”
Sokin already has several high-profile backers 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.
Last year, Morgan Stanley Expansion Capital acquired a stake in the business for $31m.
The fintech enables global businesses to transfer, hold and exchange over 100 currencies with its multi-currency IBAN and local currency accounts – all through one comprehensive platform. Sokin is currently operating at a transactional volume run-rate of over $4.5 billion annually, with further growth anticipated.
Sokin has been named in the 2025 Sunday Times 100 Tech list of the fastest growing private tech companies in the UK.
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