Fintech
Morgan Stanley Expansion Capital Acquires Stake in Global Payments Fintech Sokin
July 25, 2024
Written by FinTech Alliance in Financial Technology
Morgan Stanley Expansion Capital has acquired a stake in Sokin, a UK-based payments company, marking a significant step in the fintech company’s growth and global expansion. The acquisition brings substantial capital and expertise, facilitating Sokin’s accelerated product development and international reach.
– Morgan Stanley Expansion Capital’s investment will provide Sokin with significant capital to support its rapid growth and global expansion, while maintaining its independent operations and current management team, including Chief Executive Officer Vroon Modgill.
– The transaction includes investments from prominent US investors such as former PayPal executives Gary Marino and Mark Britto, along with Aurum Partners, associated with the owners of the San Francisco 49ers. Existing investors include former footballer Rio Ferdinand.
– Founded in 2019, Sokin aims to simplify international payments by offering a platform that allows businesses to transfer, hold and exchange over 100 currencies. Sokin currently handles over $2.5 billion in transaction volume annually, serving a variety of industries from logistics to Premier League soccer clubs.