Fintech
Morgan Stanley Expansion Capital does fintech with Sokin
- Sokin is based in London
- Sokin will continue to operate as an independent unit and brand
- Morgan Stanley Expansion Capital is the growth-focused private investment platform within Morgan Stanley Investment Management.
Morgan Stanley Expansion Capital has acquired a stake in payments-focused fintech firm Sokin on undisclosed terms.
London-based Sokin enables global businesses to transfer, hold and exchange over 100 currencies with its multi-currency IBAN and local currency accounts via its platform. It enables over $2.5 billion in transaction volume annually and supports businesses across a wide range of verticals, from freight and logistics to Premier League football clubs.
According to a release, the strategic investment is expected to accelerate Sokin’s product growth plans and further global expansion.
Other investors include 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.
“We believe Sokin has created a modern, comprehensive technology platform that is well-suited to help businesses simplify payments across geographies,” said Lincoln Isetta, managing director of Morgan Stanley Expansion Capital, in a statement. “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.”
Sokin will continue to operate as an independent unit and brand, and the current management team will continue to drive its expansion, with CEO Vroon Modgill retaining a significant equity stake.
Morgan Stanley Expansion Capital is the growth-focused private investment platform within Morgan Stanley Investment Management. It focuses on growth equity and credit investments in consumer, technology, healthcare and other high-growth sectors.
Morgan Stanley is a global financial services firm offering a broad range of investment banking, securities, wealth management, and investment management services.