Sokin has closed a $50 million Series B funding round to accelerate its international growth and expand its business payments platform.

The round was led by US-based Prysm Capital, with participation from Watershed Ventures and existing backers including funds managed by Morgan Stanley Expansion Capital, Aurum Partners, and former PayPal executives Gary Marino and Mark Britto.

The deal marks a sharp step up in valuation for the London-headquartered company, which is now valued at $300 million. Sokin says its revenues have doubled over the past year and increased eightfold since 2022, driven by growing demand for more efficient cross-border payments and treasury tools.

Prysm’s investment reflects the scale of the opportunity in global business payments, a market expected to reach $56 trillion in transaction volume by 2030. The firm said Sokin’s growth trajectory and existing infrastructure put it in a strong position to compete for global market share.

Vroon Modgill, Sokin’s founder and chief executive, said the funding validates the company’s strategy after six years of building its platform. He said the new capital will support rapid expansion into new regions and help advance the company’s roadmap for payment and treasury solutions.

Sokin offers businesses access to more than 70 currencies for transfers and exchanges, the ability to hold balances in 26 currencies via multi-currency IBAN and local accounts, and payment capabilities in over 170 countries. The company positions itself as an end-to-end platform for cross-border accounts payable, receivable and treasury management.

Over the next year, Sokin aims to strengthen its regulatory footprint and secure additional banking partnerships across Asia, the Middle East and South America. It will also continue investing in embedded financial tools and its accounts payable and receivable offering.

Prysm Capital co-founder Muhammad Mian said Sokin is “perfectly positioned” to become a leading player in cross-border business payments. Lincoln Isetta, managing director at Morgan Stanley Expansion Capital, said the firm had exceeded expectations and was on track to help reshape global commerce.

Early investors in Sokin include former England and Manchester United footballer Rio Ferdinand and May Capital.