Tag: Open Banking

Investment funds managed by Morgan Stanley Expansion Capital have acquired a stake in UK headquartered payments business Sokin, marking an exciting new chapter for the fast-expanding fintech firm. The acquisition will provide significant capital and accelerate its product growth plans and further global expansion. The transaction is constructed to provide investment to the company to support the speed and breadth of its growth. Sokin will continue operating as an independent unit and brand, and the current management team will remain to lead its expansion, with CEO Vroon Modgill maintaining a material shareholding. Whilst Morgan Stanley Expansion Capital has led the transaction, it also includes investment from prominent US investors including Gary Marino, former Chief Commercial Officer at PayPal who will join the Board, Mark Britto, former Chief Product Officer at PayPal, 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 enables more than $2.5bn in transactional volume per year, with further rapid growth anticipated. 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 financials with speed, efficiency, and transparency. Vroon Modgill, CEO & Founder of Sokin, said: “This investment represents an exciting new chapter for Sokin - one 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 which we believe will enable us to accelerate our growth trajectory and better serve our customers.” Lincoln Isetta, Managing Director at Morgan Stanley Expansion Capital, 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.” Gary Marino, tech investor and former Chief Commercial Officer at PayPal, said: “Sokin has developed an impressive platform powered by tactical licensing and partnerships ripe for further product and market expansion. We’re excited about how Sokin’s products will shape a new future for global payments.” Brano Perkovich, Founding Partner at Aurum Partners, said: "Sokin's innovative approach and talented team have laid a strong foundation for success. We're thrilled 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 team at Sokin and a testament to the product and business they’ve built up. I’m excited to see the business go from strength to strength.” Ends About Sokin Sokin was founded in 2019 with a simple vision to remove 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. It supports businesses across a wide range of verticals, from freight and logistics through to Premier League football clubs, enabling them to manage global payments and financials with speed, efficiency, and transparency. Sokin’s dedication to improving financial efficiencies for global businesses has already led to more than $2.5bn in transactional payment volume per year.
FinTech News

TotallyMoney launches revolutionary tool to aid financially under-served UK adults

TotallyMoney has recently launched an innovative open banking tool. This tool is designed to provide customers with live, actionable insights into their affordability, enabling them to enhance their chances of securing better financial offers.
Zopa Bank and D•One forge open banking partnership to enhance credit solutions
FinTech News

Zopa Bank and D•One forge open banking partnership to enhance credit...

Zopa Bank partners with D•One for Open Banking services, marking a significant step in enhancing financial services technology.
GoCardless integrates with OMS for faster, more efficient broker payments
B2B Payments

GoCardless integrates with OMS for faster, more efficient broker payments

GoCardless, a leader in bank payment processing, has announced a strategic partnership with OMS, a comprehensive platform that streamlines the mortgage process for brokers...
Rising demand for Open Banking: Security and privacy lead consumer preferences
CyberTech

Rising demand for Open Banking: Security and privacy lead consumer preferences

As Open Banking continues to redefine payment methods, emerchantpay's latest research highlights the driving factors behind consumer choices at online checkouts.
Lenovo partners with Trustly to introduce Open Banking at checkout across the UK and Europe
E-commerce

Lenovo partners with Trustly to introduce Open Banking at checkout across...

Lenovo, a leading global technology company, has unveiled its new Open Banking checkout service for customers in the UK and Europe.
Enhancing financial services: The strategic partnership of Bud Financial and Akoya
Banking Infrastructure

Enhancing financial services: The strategic partnership of Bud Financial and Akoya

Bud Financial, described as a leading data intelligence platform, today announced its connection to Akoya, a prominent figure in the burgeoning U.S. open banking ecosystem.
TrueLayer and Jaja Finance collaborate to revolutionize credit card repayments
E-commerce

TrueLayer & Jaja Finance Partner

TrueLayer, Europe's leading open banking payments network, has formed a strategic partnership with Jaja Finance, a digital lender known for its innovative financial solutions.
Zūm Rails launches AI-powered Banking as a Service project led by Miro Pavletic
Banking Infrastructure

Zūm Rails launches AI-powered Banking as a Service project led by...

Zūm Rails has announced the launch of a large-scale Banking as a Service (BaaS) project, aiming to expand its platform with bank-like services for enterprise clients.
Moneyhub launches Carbon Counter API to track financial carbon footprints
Banking Products

Moneyhub launches Carbon Counter API to track financial carbon footprints

Moneyhub, a leading data and payments platform, has partnered with prominent carbon measurement companies to introduce its latest API ‘Recipe’, Carbon Counter.
PayPoint invests £1m in Open Banking innovator Aperidata
B2B Payments

PayPoint invests £1m in Open Banking innovator Aperidata

PayPoint, a prominent multichannel payments provider, has announced a £1m investment in Aperidata Ltd, an innovative consumer and business credit reporting and Open Banking platform.
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