Fintech
Sokin Gets $31M Investment From Morgan Stanley
UK-based payments firm Sokin has announced a $31 million investment partnership with Morgan Stanley Expansion Capital.
Morgan Stanley Expansion Capital’s investment will provide the capital needed to support Sokin: the partnership will allow Sokin to continue to operate independently, with its current management team leading its expansion efforts. The Vroon Modgill CEO will retain significant equity stake.
The transaction also includes major U.S. investors: Gary Marino, former Chief Commercial Officer of PayPal, will join Sokin’s Board of Directors, bringing extensive experience and strategic insights. Additionally, Mark Britto, former Chief Product Officer of PayPal, and Aurum Partners, the investment fund affiliated with the owners of the San Francisco 49ers, are part of the investment consortium.
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’m excited to see the business go from strength to strength.”
Founded in 2019, Sokin’s mission is to “remove the borders, barriers and burdens associated with international payments.” The company enables global businesses to transfer, hold and exchange over 100 currencies via its multi-currency Iban code and local currency accounts, all integrated into a comprehensive platform. Sokin currently facilitates over US$2.5 billion in transaction volume annually, with expectations for continued rapid growth. Its customer base spans industries from freight and logistics to Premier League football clubs, providing efficient and transparent global payment solutions.
Leadership Perspective
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 that we believe will enable us to accelerate our growth trajectory and better serve our clients.”
Lincoln Isetta, Managing Director of Morgan Stanley Expansion Capital, comments: “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 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 and we believe Sokin is at the forefront of technology leadership in those markets.”
Gary Marino, technology investor and former Chief Commercial Officer at Payment via PayPaladds: “Sokin has developed an impressive platform fueled by tactical licensing and partnerships 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, is also excited about the future of the partnership: “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.”
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