Ex-footballer Rio Ferdinand buys stake in FinTech Sokin

Ex-footballer Rio Ferdinand has bought a stake in PayTech company Sokin as the startup eyes launch later this year.

Sokin is aiming to launch its payments platform to provide a fixed-fee, subscription-based payment service for fast and cost-effective currency exchange in June 2021.

“I’ve seen first-hand the power that digital services have brought to broadcasting and social media, helping football fans across the world stay connected to watch and discuss the sport together,” said Ferdinand.

“I’m interested in applying the same innovation to financial services. Those working overseas and sending money back to family members and communities have really felt the pandemic, with projects cancelled and jobs lost.

“They usually opt to use well-known brands to send what spare money they have home, but the process is often time-consuming and expensive. The team at Sokin has worked hard to make its user  experience seamless; it’s the right product to increase financial inclusivity in these tough times.”

Vroon Modgill, CEO at Sokin, added, “We’re delighted that Rio is coming onboard as one of our first investors and that he’s excited to be part of our new proposition. The team here is thrilled to be working with him.

“In 2021, there’s absolutely no reason why customers should accept additional – or hidden – commissions, unexplained costs or repeat charges. We don’t pay for every track we download or each film we stream, yet when we’re sending money or making a payment, we’re expected to accept unspecified and variable costs. Why? This has to change and so we’re changing it, putting transparency at the heart of our service.”

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