24. Sokin

Founder: Vroon Modgill

Website: https://www.sokin.com/

Business: A financial service provider enabling global payments for businesses and consumers.

Sokin was born in March 2019 and founded by CEO, Vroon Modgill, from the need to build better financial services for economic migrants with families to support across the world.

As a first-generation immigrant, Vroon watched first-hand as his father struggled with sending money back to India through a well-known remittance platform. The whole experience was stressful, expensive, and time-consuming. Unfortunately, this was a process repeated religiously for many years.

It was evident the world of global payments needed to change. So, Vroon created a business which is truly global and accessible to millions of people around the world, while simultaneously simplifying and democratising an out-of-date process. Sokin has been built to help keep money in the pockets of those who really need it and to support those on the outside of the English-centric financial ecosystem.

In August 2021, Sokin launched its Global Currency Account, a payments platform that offers consumers a low-cost alternative to the current remittance system. Sokin is the only payments provider who has taken the popular subscription model and used it to enable global payments.

Accessed through an advanced peer-to-peer mobile app available on iOS and Android, customers can receive, convert, and hold unlimited money transfers and spend cost-effective currency exchange in 38 currencies to over 200 countries and territories for one fixed monthly fee, without any hidden charges. Sokin provides a greater level of transparency, and the customer is aware of what they are paying from day one.  Customers can also access currencies such as Euros, Dollars, Dirhams, Paseos, to name only a few, and enjoy a larger international reach than currently available via alternative providers on the market.

Sokin wasn’t created to be a money-making machine, Sokin was set up to make change. If people use the product and it helps them, then that’s a win for Vroon and the wider Sokin community. It’s this commitment to ‘fintech for good’ which Vroon hopes people will start to recognise Sokin for while making an impact on the already saturated payments world.

As a young start-up, growth is very important to Sokin, and its ongoing ambitious roll-out of the Sokin Global Currency Account will continue in regions such as North America, Asia Pacific, South Asia, Latin America, and the Middle East throughout 2022.  Sokin will also build and nurture its partner portfolio and continue to work with world leading football and sporting brands. Ultimately, Sokin wants to become the provider of choice for global transfers and currency exchange.

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