The UK-based fintech startup Sokin has raised a remarkable $50 million in its Series B funding round, putting its valuation at an impressive $300 million. Founded in 2019 by Vroon Modgill, Sokin is making waves in the global payments scene by simplifying cross-border transactions for businesses in logistics, freight, sports, and more. This latest funding is backed by a mix of notable investors, including heavyweights from PayPal alumni, reinforcing the company's growing momentum.
The Boost Behind Sokin’s Growth
As a bootstrapped entrepreneur myself, I’m often intrigued by startups and their funding journeys. For Sokin, this particular investment round was led by Prysm Capital alongside additional contributions from Watershed Ventures, Morgan Stanley Expansion Capital, and familiar fintech leaders such as Gary Marino and Mark Britto, both formerly of PayPal. This is significant. When the people who’ve built and scaled a global fintech pioneer back your venture, it’s not just a vote of confidence, it’s validation of your mission.
The reason Sokin’s concept resonates is its sharp focus on businesses navigating international transactions. Its all-in-one platform offers payment, treasury, and account solutions across 70+ currencies in over 170 countries. The result? It eliminates headaches for companies dependent on fractured financial systems, a benefit that aligns with the unsung challenges of entrepreneurship.
Lessons for Female Founders in Europe
While I’ve loved following Sokin’s journey, its story highlights some important lessons for Europe’s female entrepreneurs:
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Choose Investors Who Bring More than Cash:
Sokin’s funding from former PayPal executives demonstrates that money isn’t enough; networking and expertise significantly matter. Partners like these offer seasoned advice to help navigate scaling challenges, a tip any startup founder should prioritize when seeking backing. -
Nail Your Market Fit:
Sokin tackled a massive pain point for businesses by providing simpler ways to manage international finances. Identify your niche and prove that your solution works well within it before expanding. -
Be Ready for Rapid Growth:
From an 8x revenue explosion since 2022 to a transactional volume run rate of $4.5 billion annually, Sokin clearly planned for rapid scaling. Scalability isn't just an ambition, it’s a responsibility to your customers.
How Female Entrepreneurs Can Find Their “Sokin Moment”
1. Solve a Sticky Problem
Think global, but act local. What Esellence can you bring to European businesses? I’ve always doubled down on understanding my audience through direct conversations. Start local and grow global only if you solve an enduring need.
2. Embrace Business Planning, but Keep It Fluid
Sokin’s approach shows that having a strong initial business plan is key. Use tools like the F/MS Business Model Canvas Tool to test ideas with AI-backed insights before going after large sums of funding.
3. Seek Non-Dilutive Funds First
Taking a more bootstrapped or grant-based approach in the early stages can help secure your equity before major investors arrive. National and EU-level grants gave my startups the breathing room to grow on our terms.
4. Build a Network of Like-Minded Female Founders
While scaling your venture, surround yourself with women who’ve faced the climb. Platforms like Fe/male Switch or startup accelerators designed for female founders can make all the difference when it feels like the world is ready to question your every move.
Common Mistakes Entrepreneurs Can Avoid
It’s great to see success stories like Sokin’s, but growing fast comes with its hurdles too. These are my go-to reminders for avoiding overinvestment traps:
- Chasing Valuation Over Profitability: Funding and valuation are milestones but not the endgame. Ensure scalability and profitability work hand-in-hand.
- Ignoring Regulation Handling: Sokin’s focus on acquiring regional licenses is spot-on. If you’re entering highly regulated markets like finance, this is a priority, not an afterthought.
And most importantly: don’t forget to protect your intellectual property. As someone who runs CADChain, I’m well aware of how critical this is, especially during scaling.
Final Takeaway
Sokin’s massive leap forward shows how solving a real-world problem can lead to exponential growth. For female founders in Europe, it’s also a lesson in empowering your venture with clarity, grit, adaptability, and supportive partners who bring more than just money to the table.
Don’t feel like you need $50 million to transform your business. Start with your unique vision, bootstrap when possible, leverage local ecosystems, and build from there. Whether it’s through financial innovation like Sokin or creative endeavors like my gamepreneurship methodology, the opportunities for strong ideas are thriving in Europe. You just need that first step.
Start small, dream big, and don’t stop learning. That’s how I’ve built my ventures, and I hope it sparks your entrepreneurial journey!
FAQ
1. What is Sokin and what does it do?
Sokin is a UK-based fintech startup founded in 2019 by Vroon Modgill. It simplifies cross-border payments for businesses in various sectors, including logistics, freight, and sports. Learn more about Sokin
2. How much funding did Sokin raise in its Series B round and what is its valuation?
Sokin raised $50 million during its Series B funding round, bringing its valuation to $300 million. Explore Sokin’s funding journey
3. Who were the notable investors in Sokin's Series B funding?
Key investors included Prysm Capital, Watershed Ventures, Morgan Stanley Expansion Capital, and notable PayPal alumni Gary Marino and Mark Britto. Check out Sokin’s investors
4. How does Sokin's platform benefit businesses?
Sokin offers payment, treasury, and account solutions to businesses, enabling transactions across 70+ currencies and 170+ countries. Learn more about Sokin’s platform capabilities
5. What sectors does Sokin primarily serve?
Sokin focuses on industries such as logistics, freight, and sports, including partnerships with Premier League football clubs. Explore how Sokin serves businesses
6. How does Sokin plan to use the Series B funding?
Sokin plans to expand internationally into Asia, the Middle East, and South America, and enhance its product offerings for embedded finance and cross-border payments. Discover Sokin’s future initiatives
7. What has been Sokin's growth trajectory?
Sokin’s revenue has grown 100% year-over-year, with an 8x increase since 2022, showcasing its rapid scalability. Learn more about Sokin’s growth
8. Who is Vroon Modgill, the founder of Sokin?
Vroon Modgill is an entrepreneur who founded the fintech company Sokin to innovate global payments solutions. Explore Vroon Modgill’s journey
9. Who led Sokin's Series B funding round?
The Series B funding was led by Prysm Capital, a growth investment firm. Check out Prysm Capital
10. What unique features does Sokin’s platform offer?
Sokin provides an all-in-one platform with services like multi-currency accounts, international payments, and complete treasury management. Discover Sokin’s features
About the Author
Violetta Bonenkamp, also known as MeanCEO, is an experienced startup founder with an impressive educational background including an MBA and four other higher education degrees. She has over 20 years of work experience across multiple countries, including 5 years as a solopreneur and serial entrepreneur. Throughout her startup experience she has applied for multiple startup grants at the EU level, in the Netherlands and Malta, and her startups received quite a few of those. She’s been living, studying and working in many countries around the globe and her extensive multicultural experience has influenced her immensely.
Violetta Bonenkamp's expertise in CAD sector, IP protection and blockchain
Violetta Bonenkamp is recognized as a multidisciplinary expert with significant achievements in the CAD sector, intellectual property (IP) protection, and blockchain technology.
CAD Sector:
- Violetta is the CEO and co-founder of CADChain, a deep tech startup focused on developing IP management software specifically for CAD (Computer-Aided Design) data. CADChain addresses the lack of industry standards for CAD data protection and sharing, using innovative technology to secure and manage design data.
- She has led the company since its inception in 2018, overseeing R&D, PR, and business development, and driving the creation of products for platforms such as Autodesk Inventor, Blender, and SolidWorks.
- Her leadership has been instrumental in scaling CADChain from a small team to a significant player in the deeptech space, with a diverse, international team.
IP Protection:
- Violetta has built deep expertise in intellectual property, combining academic training with practical startup experience. She has taken specialized courses in IP from institutions like WIPO and the EU IPO.
- She is known for sharing actionable strategies for startup IP protection, leveraging both legal and technological approaches, and has published guides and content on this topic for the entrepreneurial community.
- Her work at CADChain directly addresses the need for robust IP protection in the engineering and design industries, integrating cybersecurity and compliance measures to safeguard digital assets.
Blockchain:
- Violetta’s entry into the blockchain sector began with the founding of CADChain, which uses blockchain as a core technology for securing and managing CAD data.
- She holds several certifications in blockchain and has participated in major hackathons and policy forums, such as the OECD Global Blockchain Policy Forum.
- Her expertise extends to applying blockchain for IP management, ensuring data integrity, traceability, and secure sharing in the CAD industry.
Violetta is a true multiple specialist who has built expertise in Linguistics, Education, Business Management, Blockchain, Entrepreneurship, Intellectual Property, Game Design, AI, SEO, Digital Marketing, cyber security and zero code automations. Her extensive educational journey includes a Master of Arts in Linguistics and Education, an Advanced Master in Linguistics from Belgium (2006-2007), an MBA from Blekinge Institute of Technology in Sweden (2006-2008), and an Erasmus Mundus joint program European Master of Higher Education from universities in Norway, Finland, and Portugal (2009).
She is the founder of Fe/male Switch, a startup game that encourages women to enter STEM fields, and also leads CADChain, and multiple other projects like the Directory of 1,000 Startup Cities with a proprietary MeanCEO Index that ranks cities for female entrepreneurs. Violetta created the "gamepreneurship" methodology, which forms the scientific basis of her startup game. She also builds a lot of SEO tools for startups. Her achievements include being named one of the top 100 women in Europe by EU Startups in 2022 and being nominated for Impact Person of the year at the Dutch Blockchain Week. She is an author with Sifted and a speaker at different Universities. Recently she published a book on Startup Idea Validation the right way: from zero to first customers and beyond, launched a Directory of 1,500+ websites for startups to list themselves in order to gain traction and build backlinks and is building MELA AI to help local restaurants in Malta get more visibility online.
For the past several years Violetta has been living between the Netherlands and Malta, while also regularly traveling to different destinations around the globe, usually due to her entrepreneurial activities. This has led her to start writing about different locations and amenities from the POV of an entrepreneur. Here’s her recent article about the best hotels in Italy to work from.
About the Publication
Fe/male Switch is an innovative startup platform designed to empower women entrepreneurs through an immersive, game-like experience. Founded in 2020 during the pandemic "without any funding and without any code," this non-profit initiative has evolved into a comprehensive educational tool for aspiring female entrepreneurs.The platform was co-founded by Violetta Shishkina-Bonenkamp, who serves as CEO and one of the lead authors of the Startup News branch.
Mission and Purpose
Fe/male Switch Foundation was created to address the gender gap in the tech and entrepreneurship space. The platform aims to skill-up future female tech leaders and empower them to create resilient and innovative tech startups through what they call "gamepreneurship". By putting players in a virtual startup village where they must survive and thrive, the startup game allows women to test their entrepreneurial abilities without financial risk.
Key Features
The platform offers a unique blend of news, resources,learning, networking, and practical application within a supportive, female-focused environment:
- Skill Lab: Micro-modules covering essential startup skills
- Virtual Startup Building: Create or join startups and tackle real-world challenges
- AI Co-founder (PlayPal): Guides users through the startup process
- SANDBOX: A testing environment for idea validation before launch
- Wellness Integration: Virtual activities to balance work and self-care
- Marketplace: Buy or sell expert sessions and tutorials
Impact and Growth
Since its inception, Fe/male Switch has shown impressive growth:
- 5,000+ female entrepreneurs in the community
- 100+ startup tools built
- 5,000+ pieces of articles and news written
- 1,000 unique business ideas for women created
Partnerships
Fe/male Switch has formed strategic partnerships to enhance its offerings. In January 2022, it teamed up with global website builder Tilda to provide free access to website building tools and mentorship services for Fe/male Switch participants.
Recognition
Fe/male Switch has received media attention for its innovative approach to closing the gender gap in tech entrepreneurship. The platform has been featured in various publications highlighting its unique "play to learn and earn" model.
