Tom Steer, the new chief financial officer of cross-border corporate payment provider Sokin, told CFO Dive that there is a "truly huge opportunity" in the North American market, and the company is paving the way for ambitious future growth.

The London-based company, which provides software supporting treasury management and cross-border payable/receivable services, is advancing plans to expand into new markets. According to a company press release, its funding support includes a Series B round completed in December last year—That round valued the fintech company at $300 million—as well as $100 million in debt financing obtained in January this year.

Steer, who has served as Sokin's head of finance since October last year, said in an interview that the company has seen "very strong momentum" in the North American market. He said: "Our presence there was previously shallow, but now we really want to increase our investment in that market."

Supporting growth ambitions

According to a press release announcing his appointment on March 5, Steer's arrival comes during a "period of highly active capital activity." The cross-border payment provider hopes to leverage the new CFO's expertise in driving growth and M&A, with responsibilities including continuing to developthe company's capital strategyand overseeing future acquisitions.

Steer previously served as a vice president at fintech investment bank Financial Technology Partners, where he helped companies with fundraising and M&A. His resume also includes roles in corporate development, strategy, and finance at WorldRemit, and he began his career in corporate finance, M&A advisory, and audit at Big Four accounting firm Deloitte (according to his LinkedIn profile).

Steer believes the company's capital position is strong. The $50 million Series B round completed in December was led by Prysm Capital, with participation from former PayPal executives, including former Chief Commercial Officer Gary Marino and former Chief Product Officer Mark Britto (as reported by Payments Dive, a sister publication of Industry Dive, at the time).

Combined with the$100 million debt financingobtained from Oxford Finance in January, Steer said Sokin is able to remain optimistic and "a bit more ambitious."

Creating new opportunities

The company is using these funds to continue its rapid growth momentum. According to a January 22 company press release, itsfiscal 2024 revenue grew approximately 81% to $22.5 million。

Steer said the company continues to focus on the North American market, looking for opportunities where it can push further or be more aggressive.

Meanwhile, Sokin is also expanding embedded payment solutions and launching emerging payment channels such as stablecoins. On March 17, the company announcedthe first part of a phased rolloutallowing some clients to use these digital assets (whose value is pegged to another asset, typically fiat currency) on its hybrid financial platform, enabling global transactions between stablecoins and fiat currency.

Steer said the company "won't force clients to use stablecoins," acknowledging that some clients or treasury clients may not be ready or willing to try the technology. "That's not the goal; it's about providing them with another channel."

The stablecoin launch also reflects Sokin's past approach to M&A opportunities—Steer said the company has been "fairly opportunistic." The acquisition of crypto and stablecoin payment platform Genpaid, announced on March 17, helped the company enter the stablecoin space faster—a capability Steer said could have taken months or even years to build in-house.

As head of finance, Steer, while driving these growth initiatives, is also highly focused on avoiding the company moving too quickly or too aggressively.

He said: "We are very aware of this and want to proceed in a way that doesn't harm the underlying business."