Fintech
UK FinTech Sokin Gets Investment From Morgan Stanley
By Gloria Methri
July 25, 2024
- B2B Payments
- Financial Technology
- International Payments
Investment funds managed by Morgan Stanley Expansion Capital have acquired a stake in the UK-based company FinTech payments Sokin.
Sokin was founded in 2019 to remove borders, barriers and burdens associated with international payments. Today, it enables global businesses to transfer, hold and exchange over 100 currencies with its multi-currency IBAN and local currency accounts, all through one comprehensive platform.
It supports companies across a wide range of verticals, from freight and logistics to Premier League football clubs, enabling them to manage Global payments and financial aspects with speed, efficiency and transparency.
The acquisition will provide significant capital to the company, accelerate its product growth plans and further global expansion. Sokin will continue to operate as an independent unit and brand, and the current management team will continue to lead its expansion, with CEO Vroon Modgill retaining a substantial equity stake.
Vroon Modgill, CEO and founder of Sokin said: “This investment represents an exciting new chapter for Sokin, filled with immense opportunities for growth and innovation. By joining forces with the Morgan Stanley Expansion Capital team, we gain access to unparalleled resources and expertise, which we believe will enable us to accelerate our growth trajectory and better serve our clients.”
While Morgan Stanley Expansion Capital led the transaction, it also includes investments from major US investors, including former PayPal chief commercial officer Gary Marino, who will join the board, former PayPal chief product officer Mark Britto, and Aurum Partners. Existing investors include former England and Manchester United defender Rio Ferdinand.
Lincoln Isetta, CEO of Morgan Stanley Expansion Capitalsaid, “Sokin has demonstrated outsized growth and capital efficiency fueled by a great product and a highly successful team. We are pleased to partner with Vroon and the Sokin team to leverage our experience working with high-performing companies to raise their first significant institutional capital. We believe Sokin has built a modern, comprehensive technology platform that is well-suited to helping companies simplify payments across geographies. Many of the world’s largest and most sophisticated companies and sports clubs already rely on Sokin to execute strategic payments. We believe Sokin is at the forefront of technology leadership in those markets.”