Vroon Modgill is a pioneering entrepreneur in the fintech space, best known as the Founder and CEO of Sokin, a global payments platform. Born in the United Kingdom, Modgill’s vision for financial inclusivity was shaped by his early experiences as the son of first-generation immigrants. Witnessing the financial struggles his father endured while sending money to India through traditional remittance services, Modgill identified a pressing need for a more efficient, affordable, and transparent global payment system. This personal experience laid the foundation for his revolutionary approach to financial services.
Professional Journey
Before establishing Sokin in 2019, Modgill amassed a wealth of experience in finance and fintech. His career trajectory includes key roles in leading financial institutions:
- Cryptocurrency Payments Company (2017–2019): Served as North America CEO & Global CFO, gaining valuable experience in digital currencies and blockchain technology.
- Borro (2015–2017): As Finance Director (CF1), he managed financial strategy and operations.
- BLME (2014–2015): Worked as a Senior Financial Controller, overseeing capital management and risk compliance.
- JB Drax Honore (2011–2014): Held the position of Financial Controller, specializing in financial analysis and risk mitigation.
- Menzies LLP (2005–2011): Began his career as an Accountant, developing expertise in tax, compliance, and financial control.
In 2019, Modgill founded Sokin to disrupt the traditional financial services industry. Unlike conventional money transfer services, Sokin introduced a subscription-based model, allowing customers to send and receive unlimited money transfers for a fixed monthly fee. This innovative approach removed hidden fees and brought much-needed transparency to global remittances.
Sokin’s rapid success was driven by its accessibility, supporting 38 currencies across over 200 countries and territories. The company’s Global Currency Account, launched in August 2021, further revolutionized the market by providing seamless cross-border transactions.
Key Achievements
Since its inception, Sokin has achieved remarkable milestones:
- Global Expansion: Established operations in 32 territories, with imminent expansions into India, Brazil, and Canada.
- Growing Customer Base: Welcomed over 120,000 customers, with 175,000 on the global waiting list.
- Transaction Milestones: Processed over $100 million in international transfers.
- Multilingual Accessibility: Developed an app available in five languages.
- Workforce Growth: Doubled the size of its global workforce.
- Strategic Partnerships: Formed high-profile sponsorships with leading football clubs such as Arsenal, Everton, Fulham, AS Monaco, and the Miami Dolphins (NFL).
- Launch of Money Goals: A financial education initiative aimed at supporting local communities.
Launching Sokin just before the COVID-19 pandemic posed significant challenges. However, Modgill and his team embraced remote work, allowing them to scale the company rapidly. The pandemic underscored the urgency of digital financial services, fueling Sokin’s growth.
Looking ahead, Sokin aims to continue expanding into key markets, including North America, Asia Pacific, South Asia, Latin America, and the Middle East. The company is also focused on increasing its partnerships within the sports industry to enhance brand recognition.
Modgill’s mission extends beyond financial transactions—he envisions a world where global payments are seamless, transparent, and accessible to all. By challenging legacy banking systems and high remittance fees, Sokin is empowering economic migrants and individuals worldwide, ensuring they retain more of their hard-earned money.
As fintech continues to evolve, Vroon Modgill remains at the forefront of innovation, striving to redefine the future of global payments and financial inclusivity.