Fintech
Morgan Stanley leads £24m investment in payments startup Sokin
Morgan Stanley has led a $31m (£24m) investment in London-based payments startup Sokin, previously backed by a former Manchester United star.
Founded in 2019, Sokin is an international remittance provider for businesses. It offers payments in over 100 currencies.
The company said it handles more than $2.5 billion in transaction volume annually.
The latest investment in the startup saw the entry of a stake by Morgan Stanley Expansion Capital, an investment fund controlled by the US banking giant.
“We believe Sokin has created a modern, comprehensive technology platform that is well-suited to helping businesses simplify payments across geographies,” said Lincoln Isetta, managing director of Morgan Stanley Expansion Capital.
“Many of the world’s largest and most sophisticated companies and sports clubs already rely on Sokin to execute strategic payments, and we believe Sokin is at the forefront of technology leadership in those markets.”
Other participants in the investment round include former PayPal CCO Gary Marino, former PayPal CPO Mark Britto, and Aurum Partners, an investment fund affiliated with the NFL team San Francisco 49ers.
Existing investors include former England and Manchester United defender Rio Ferdinand.
“This is a huge moment for the Sokin team and a testament to the product and business they have built. I am thrilled to see the business go from strength to strength,” said Ferdinand.
Ferdinand previously worked as an angel investor in a credit card startup Over there.