Sokin, a London-based business payments company, has raised a $50m funding round as the B2B fintech sector continues to outpace their consumer counterparts for investment.
The funding round was led by US-based Prsym Capital, with support from Watershed Ventures. Existing investors such as Morgan Stanley Expansion Capital, Aurum Partners, ex-PayPal chief commercial officer Gary Marino and former PayPal chief product officer Mark Britto also took part in the funding round, which valued Sokin at $300m.
Sokin’s raise is the latest in a long line of B2B fintechs that have raised funding in recent years. After the post-pandemic VC funding bubble popped, investors began to favour the less glamorous corners of fintech, particularly in the CFO tech stack, business banking and payments verticals.
Since January 2024, business-facing fintechs have raised $17bn in funding, more than double the $7.8bn funnelled to their consumer counterparts.
Other business payments fintechs to receive funding in the past year include London-based Navro, which raised $41m in April, and Denmark’s Flatpay, which became a unicorn earlier this month following a €145m funding round.
"We've spent the past six years building a comprehensive financial infrastructure that makes global business faster and more efficient,” says Vroon Modgill, CEO and founder of Sokin.
Last year, the company raised $31m in funding led by Morgan Stanley’s investment arm and in January, Sokin secured $15m in debt funding from funds and accounts managed by BlackRock.
With this latest batch of funding, the company plans to secure more regional licences and partnerships so that it can operate in regions such as Asia, the Middle East and South America. The company also plans to funnel the capital into product expansion, particularly in expanding its accounts payable and receivable abilities.
"Prysm's investment validates what we've built and gives us the capital to scale rapidly," says Modgill.
