Investment funds managed by Morgan Stanley Expansion Capital have acquired a stake in UK-headquartered payments business Sokin.
The fast-expanding FinTech firm counts former England and Manchester United defender Rio Ferdinand – who described the deal as a “huge moment for the team at Sokin” – among its existing investors.
Founded in 2019 to remove the borders, barriers and burdens associated with international payments, Sokin today enables global businesses to transfer, hold and exchange over 100 currencies with its multi-currency IBAN and local currency accounts.
It enables more than $2.5 billion in transactional volume per year, supporting businesses across a wide range of verticals, from freight and logistics to Premier League football clubs.
Ferdinand added: “It’s a testament to the product and business they’ve built up. I’m excited to see the business go from strength to strength.”
Sokin says the acquisition will provide significant capital and accelerate its product growth plans and further global expansion.
The current management team will remain to lead its expansion, with CEO Vroon Modgill maintaining a material shareholding.
Morgan Stanley Expansion Capital led the transaction, which 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.
“This investment represents an exciting new chapter for Sokin – one filled with immense opportunities for growth and innovation,” said founder Modgill.
“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.”
Marino added: “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.”