Last week, London-based financial technology company Sokin successfully raised $50 million in its Series B funding round, positioning itself as a significant player in the cross-border payment sector. This news spreads some optimism through the entrepreneurial community, especially for those of us bootstrapping our ventures and looking for insights into the broader fintech market's growth.
This funding bump not only values Sokin at $300 million but also underlines how business-focused, tech-powered solutions are driving the financial sector forward. As someone who’s built startups with education as my original focus and grown into deeptech and intellectual property, I feel this financial milestone carries lessons for entrepreneurs at all levels. Here’s an inside look at what made this funding happen and what founders can learn from it.
What propelled Sokin to raise $50 million?
Sokin’s growth reflects the increasing demand for faster, simpler international money transfers for businesses. Global commerce is accelerating, and many companies lack adequate tools for managing cross-border payments efficiently. Founded in 2019, Sokin identified this gap early and built a platform to solve several problems at once, international transfers, treasury operations, and multi-currency accounts. They now offer services across 70 transferable currencies, with balances available in 26, operating in over 170 countries.
One standout factor in their strategy is addressing user needs head-on. Their B2B payment platform simplifies accounts payable, receivable, and treasury operations for companies, making it an attractive option for scaling businesses. Coupled with significant uptake in emerging markets like Asia and the Middle East, their timing couldn't have been better. Their 100% year-on-year revenue growth certainly reassured investors, too.
Lessons for female entrepreneurs and startups like yours
1. Focus on a clear problem.
Sokin’s success didn’t come from trying to do everything. They started with extensive pain points that directly impacted global businesses, high fees, long transfer times, and fragmented systems. As founders, we sometimes get pulled in too many directions, solving unrelated problems. Refining your focus often improves both market positioning and customer loyalty.
2. Know your market.
Expanding into underrepresented markets like South America is an initiative Sokin highlighted in their growth roadmap. These regions often have untapped potential for innovative financial solutions, as they tend to leapfrog traditional banking systems. Data is king here. Simply put, if you know your audience and the gaps they need filling, opportunities expand quickly.
3. Collaborate with heavyweights.
The Series B round was backed by reputable firms like Prysm Capital, Watershed Ventures, and Morgan Stanley Expansion Capital, whose participation signals confidence in not just the product, but its scalability. Collaboration doesn’t only apply to investors, partnerships with banks or other regional players can fast-track entry into competitive spaces.
What makes scaling easier for women in fintech?
Women often face steeper challenges entering or scaling in fintech due to resource gaps and fewer peer models. Still, this ecosystem is evolving, and organizations are increasingly prioritizing inclusion. Here are actionable steps for fellow female founders, based on what I’ve experienced firsthand:
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Incubators and accelerators are your friends. Programs like Yes! Delft and EU-based initiatives not only provide funding opportunities but also mentorship. They showed me tools to sharpen pitch decks and secure proper licensing in sectors like blockchain.
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Understand regulations early. Sokin's effort to secure additional banking licenses is worth noting. Even innovative models fall flat without regulatory compliance. For example, the European fintech space requires founders to navigate GDPR and payment security standards.
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Learn from market leaders. Sokin started in the UK, a hub for fintech, and learned from competitors like Wise or Payoneer. Find similar spaces near you, even if they aren’t your local market.
Mistakes to steer clear of when scaling
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Ignoring banking infrastructure.
If you’re fintech-focused, skipping regional banking partnerships could stall your expansion. As Sokin grows, they capitalize on trusted financial collaborators. -
Assuming organic sales will carry you.
Despite Sokin’s organic success, they recognize the considerable value of investor-driven growth. If you have strong product-market fit, consider accelerating with external capital. For pitches, engage firms with industry expertise similar to Prysm or Morgan Stanley. -
Over-expanding too quickly.
While global coverage is ideal, resource allocation for success in every country can drain startups prematurely. Prioritizing regions, as Sokin does, ensures ROI when widening operations.
Actionable insights for founders from Europe
To scale effectively or even bootstrap sustainably, especially as a woman in business, use community-driven collaboration. One thing I’ve loved about the European startup community is its openness to cross-border learning. Keep leveraging niche platforms and reach out to fellow founders outside your immediate network. There are always new strategies to test or models like Sokin’s to adapt.
Tools like the Fe/male Switch’s Startup Game incubator can help accelerate these learning curves. For founders on tight timeframes, it's critical to figure out areas requiring deeper discovery versus those you can develop autonomously. It’s how I streamlined CADChain’s IP strategy, which won grants at EU levels, putting us on par with other globally recognized startups.
Final thoughts for women founders in fintech
Sokin’s growth exemplifies some tried-and-true principles of scaling in fintech: solve a targeted problem and execute with clarity. For me, this solidifies my belief in focusing on building not only solutions but sustainable infrastructure for long-term success, even as we bootstrap.
If you’re doubting whether your idea has the impact to attract $50 million in backing, remember that incremental, adaptive progress is just as critical. I often remind myself and fellow entrepreneurs that persistence and calculated growth are what keep startups alive and thriving. Learn frameworks and then create one uniquely aligned with your own entrepreneurial approach, just like Sokin did.
For detailed insight into Sokin’s funding round, take a closer look at Tech.eu’s summary piece on the case.
FAQ
1. What is Sokin and what does it do?
Sokin is a London-based fintech company founded in 2019 that provides a B2B platform for cross-border payments. It simplifies accounts payable, receivable, and treasury operations while offering support for over 70 currencies across 170 countries. Learn more about Sokin
2. How much funding did Sokin recently raise?
Sokin raised $50 million in its Series B funding round, bringing the company’s valuation to $300 million. See details of the funding
3. Who were the main investors in Sokin’s Series B funding?
The funding was led by Prysm Capital, supported by Watershed Ventures, Morgan Stanley Expansion Capital, and Aurum Partners. Meet Prysm Capital
4. What will Sokin use the $50 million funding for?
The funds will be used to expand globally, enhance its product offerings, and secure banking licenses to extend its reach in key markets like Asia and South America. Check out Tech.eu’s report
5. Why is Sokin’s business model significant for global commerce?
Sokin addresses pain points in cross-border transactions such as high fees, slow transfer times, and fragmented systems, enabling businesses to handle global payments more efficiently. Learn more about the impact of Sokin’s model
6. How has Sokin’s revenue grown year-over-year?
Sokin reported a 100% year-on-year revenue growth, showcasing its strong market performance and ability to scale effectively. Read about its growth trajectory
7. What markets is Sokin targeting for its expansion?
Sokin plans to focus on emerging markets like South America, Asia, and the Middle East, leveraging untapped opportunities for financial innovation. Discover more about Sokin’s expansion
8. How does Sokin compare to its competitors?
While competitors like Wise and Payoneer dominate the space, Sokin differentiates itself through a comprehensive B2B payment and treasury platform aimed at simplifying operations for businesses. Explore Sokin’s competitive edge
9. What lessons can startups learn from Sokin’s funding journey?
Startups can learn from Sokin’s focus on solving a clear problem, capitalizing on underserved markets, and building strong investor partnerships to achieve scalability. Learn startup insights from Tech.eu
10. What is the long-term potential for Sokin in the fintech space?
With its aggressive expansion, robust infrastructure, and streamlined solutions, Sokin is poised to become a major player in the cross-border payment sector. Check out Sokin’s roadmap
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.
