British fintech startup Sorkin is backed by Morgan Stanley

Sokin, a London-based fintech startup, has raised $31 million as part of a strategic investment from Morgan Stanleythe companies said Wednesday.

Founded in 2019, Sokin specializes in remittances, offering businesses around the world the ability to manage, transfer and exchange their payments in multiple currencies through their business platform. Clients include football clubs and transportation and logistics companies.

The startup, which previously raised a round from angel investors including former soccer star Rio Ferdinand, has received funding from Morgan Stanley’s Expansion Capital. Part of Morgan Stanley’s broader investment management team, the fund invests in alternative assets in technology and other high-growth verticals.

Earlier this year, the fund invested in London-based tech startup Vortexa as part of a larger equity funding round, but has made few other UK deals in recent years.

Other investors involved in the deal include former PayPal chief commercial officer Gary Marino and chief product officer Mark Britto, as well as Aurum Partners, a fund affiliated with the owners of the San Francisco 49ers.

Marino will join Sokin’s board of directors as part of the investment, but the company’s current management team will remain in place.

Sokin’s funding will go toward its global expansion plans, with more than 40% of its business already in the U.S. CEO Vroon Modgill said its first focus is further expansion into Europe, North America and the Middle East.

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