Fintech
Morgan Stanley Expansion Capital Acquires Stake in Global Payments Fintech Sokin
Investment funds managed by Morgan Stanley Expansion Capital has acquired a stake in a UK-based payments company Sokinmarking an exciting new chapter for the rapidly growing fintech company. The acquisition will provide significant capital and accelerate its plans for product growth and further global expansion.
The transaction is structured to provide investment to the company to support the speed and scale of its growth. 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.
While Morgan Stanley Expansion Capital led the transaction, it also includes investments from prominent U.S. investors including former PayPal Chief Commercial Officer Gary Marino, who will join the Board, former PayPal Chief Product Officer Mark Britto, and Aurum Partners, the investment fund affiliated with the owners of the San Francisco 49ers and other strategic LPs. Existing investors in Sokin include former England and Manchester United defender Rio Ferdinand.
Sokin was founded in 2019 with a simple vision to remove the 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.
Sokin powers over $2.5 billion in transaction volume annually, with further rapid growth expected. It supports businesses across a wide range of verticals, from freight and logistics to Premier League football clubs, enabling them to manage global payments and finances with speed, efficiency and transparency.
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 unmatched resources and expertise that we believe will enable us to accelerate our growth trajectory and better serve our clients.”
Lincoln Isetta, CEO of Morgan Stanley Expansion Capital, said: “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 raising their first significant institutional capital. We believe Sokin has created a modern, comprehensive technology platform that is well-suited to helping companies streamline payments across geographies. 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.”
Gary Marino, a technology investor and former chief commercial officer of PayPal, said: “Sokin has developed an impressive platform based on tactical licensing and partnerships that is poised for further product and market expansion. We are excited about how Sokin’s products will shape a new future for global payments.”
Brano Perkovich, founding partner of Aurum Partners, said: “Sokin’s innovative approach and talented team have laid a solid foundation for success. We are excited to join forces with Vroon and the Sokin team to revolutionize the global payments landscape.”
Rio Ferdinand, said: “This is a huge moment for the Sokin team and a testament to the product and business they have built. I am excited to see the business go from strength to strength.”