Morgan Stanley Expansion Capital has acquired a stake in Sokin, a UK-based payments business specialising in international transactions.
Sokin, established in 2019, is noted for enabling businesses to transfer, hold, and exchange over 100 currencies through a single platform, facilitating global financial operations with efficiency and transparency.
The acquisition by Morgan Stanley Expansion Capital is designed to infuse Sokin with substantial capital, accelerating its product development and expanding its global reach. Although the exact financial details of the transaction were not disclosed, the investment is structured to enhance Sokin’s growth velocity and market presence.
Morgan Stanley Expansion Capital primarily focuses on growth investments within technology, healthcare, consumer, and other high-potential sectors, providing resources to companies poised for significant expansion.
Sokin has rapidly carved a niche in the FinTech industry by offering innovative solutions for managing multi-currency transactions. With a capacity for over $2.5bn in annual transactional volume, Sokin caters to a diverse clientele, including logistics companies and Premier League football clubs, underlining its broad and impactful reach.
The deal includes contributions from notable US investors such as Gary Marino and Mark Britto, both former executives at PayPal, and Aurum Partners, linked to the San Francisco 49ers. These investors bring a wealth of experience and strategic value to Sokin. Additionally, Sokin will continue to operate independently with the current management, including CEO Vroon Modgill, who retains a significant shareholding.
The acquisition not only signals a new growth phase for Sokin but also strengthens Morgan Stanley Expansion Capital’s portfolio in the FinTech space. This collaboration is expected to leverage Sokin’s robust technological platform to facilitate easier and more efficient global payments.
Morgan Stanley Expansion Capital managing director Lincoln Isetta said, “Sokin demonstrated outlier growth and capital efficiency that was powered by a great product and a high achieving 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 help enterprises simplify payments across geographies. Many of the world’s largest and most sophisticated companies and sports clubs already trust Sokin to execute strategic payments and we believe Sokin is at the forefront of technology leadership in those markets.”
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