#London #United Kingdom #Finance #Sokin #Tom Steer

Sokin Welcomes Tom Steer as New Chief Financial Officer

In a strategic move to bolster its financial operations and propel growth, global business payments provider Sokin has appointed Tom Steer as its new Chief Financial Officer (CFO). This announcement marks a significant step forward for the company as it continues to expand its presence in the rapidly evolving fintech landscape.

Steer, who brings a wealth of experience from FT Partners, a leading fintech-focused investment bank, will be instrumental in steering Sokin’s financial strategies and overseeing its capital activities. His previous role at FT Partners involved advising on capital raises and mergers and acquisitions across the fintech sector, positioning him as a valuable asset to Sokin's executive management team under CEO Vroon Modgill.

A Period of Growth and Opportunity

Sokin’s decision to bring Steer on board comes at a pivotal time. The company recently secured $50 million in a Series B funding round led by Prysm Capital, which valued Sokin at $300 million. Following this, Sokin closed a $100 million debt facility with Oxford Finance. With a total of $150 million raised, Sokin is now equipped to aggressively pursue its growth ambitions and explore opportunities for strategic acquisitions that could expedite its expansion.

Steer’s primary focus will be on developing an effective capital strategy, supervising future acquisitions, and reinforcing the finance function to match the company’s rapid growth trajectory. He has previously held senior finance roles at Zepz, a major player in digital remittance, where he successfully scaled operations from $1 billion to $5 billion through a combination of organic growth and strategic initiatives.

Vision for Sokin's Financial Future

“I am excited to be joining Sokin at such a key point in the company’s evolution,” said Steer. He emphasized the untapped potential within the cross-border payments market, which is vast and underserved. With the capital raised, Steer expressed confidence that Sokin could maintain its upward momentum and strengthen its foothold in key growth markets, particularly in the United States.

Vroon Modgill, the founder and CEO, commented on Steer’s extensive background, stating, “Tom has a proven track record in scaling high-growth fintech businesses as well as deep expertise in financial strategy. He brings the strategic insight and capital-raising experience we need to accelerate our international expansion and optimize our capital structure.”

Sokin’s Remarkable Growth Journey

Since its inception in 2019, Sokin has rapidly evolved, providing global payment solutions and multi-currency accounts to businesses in over 170 countries. Its revenue has surged by 100% year-over-year, witnessing an eightfold increase since 2022. This growth reflects Sokin's commitment to simplifying international payments, offering services that enable businesses to send and exchange over 70 currencies through a single comprehensive platform.

As Sokin continues to enhance its product offerings, its global reach is supported by a robust investor base that includes prominent firms like Morgan Stanley Expansion Capital, Watershed Ventures, and key figures from the fintech world, including former PayPal executives. Steer’s leadership marks a new chapter for Sokin as it aims to break down barriers in the financial landscape and deliver unparalleled services to its clients.

About Sokin

Sokin was established with a clear mission: to eliminate boundaries and burdens related to international payments. The company is headquartered in the United Kingdom with offices spanning across the USA, Canada, UAE, Singapore, Mexico, Norway, and India. As it moves forward, Sokin aims to reshape the way businesses operate in a connected world, leveraging technology for seamless transactions. For more details, visit their official website at www.sokin.com.