Dive Brief:

• Former PayPal Holdings chief commercial officer, Gary Marino, and former chief product officer, Mark Britto, joined venture firms to invest $50 million in Sokin, a British cross-border payments services and accounting software company, according to a Monday press release.
• The investment firm Prysm Capital led the funding round in the London-based startup, while an investment fund from banking titan Morgan Stanley also participated, per the press release.
• The funding will go toward developing Sokin services, including accounts receivable and payable software, to support overall global expansion, the release said.

Dive Insight:

Sokin, which supports companies’ treasury operations among its services, said it plans to expand its global infrastructure, obtain more regional licenses and forge new banking partnerships in the next 12 months. 

Through those new partnerships, it aims to extend its reach in Asia, South America and the Middle East. With its new investment, Sokin plans to improve its platform and embedded payments services, with a particular focus on its accounts payable and receivable capabilities, per the release. 

In total, Sokin has raised $85 million, a spokesperson for the company said by email. It has about 150 employees, with 25 based in the U.S., the spokesperson said.

Venture capital funding generally for payments firms has been shrinking. Combined acquisition deal values and investments in payments companies worldwide fell to $4.6 billion for the first half of 2025, according to a KPMG report released in August. The report didn’t include half figures for the previous years, but the industry brought in a total of $30.8 billion in 2024. 

The new funding for Sokin increased its valuation to $300 million, according to the release. The company said its revenues have risen since 2022, though it did not disclose exact figures. 

Sokin anticipates extending its global payments business to $56 trillion in transaction volume by 2030, according to the release. It currently enables its clients to make transfers and exchanges using more than 70 currencies. 

“We've spent the past six years building a comprehensive financial infrastructure that makes global business faster and more efficient,” Sokin CEO and founder Vroon Modgill said in the release. “For too long, payments, treasury management, and international accounts have been fragmented and outdated. We've built the platform that brings it all together.”