32. Sokin

Sokin is giving consumers the power to make unlimited payments and transfers in a simple, transparent, and hassle-free way

Founder: Vroon Modgill
Founded: 2019
Website: https://sokin.com/business.html

At its most basic level, Sokin offers global payments for a fixed monthly fee, and makes dealing with your finances less confusing and more accessible.

As a first-generation immigrant, CEO Vroon Modgill saw first-hand how difficult it was for his father to send money back to India. This inspired him to transform the process entirely – and so, Sokin was born.

Sokin is the first payments platform to take the subscription economy, and use it for transfers on a global scale. Unlike many other platforms, the company has no additional costs or hidden fees – just straightforward, speedy, low-cost currency exchange and money transfers in 38 currencies, to over 200 countries and territories.

Plus, instead of opening a new bank account when users move into a new country, customers can have their salaries paid into their Sokin account, and use it for all their day-to-day payment needs.

On top of this, the Sokin debit card – which is supported by Mastercard’s network – can be used for all day-to-day activities as well as travel payments abroad. First launched in the UK in August 2021, the debit cards are available in over 80 countries.

So how does it work? The Basic Account is free, which provides customers with a 38 currency global currency account. Alternatively, users can go for the Premium Account for a fixed monthly fee (£9.99 a month).

Sokin also charges a fixed fee % for each transaction with no hidden costs or FX mark ups.

With a lot of support behind it, from the likes of well-known football clubs Everton and Fulham, as well as Rio Ferdinand – Sokin is on track for success.