London-based FinTech Sokin has secured £12m debt funding from funds and accounts managed by BlackRock, enabling the business to continue its rapid growth trajectory.
The funding will enable Sokin – backed by former Manchester United and England defender Rio Ferdinand – to further grow its market share, develop new products and accelerate global expansion, including new offices in London, New York, Toronto and Dubai.
The news comes just months after Morgan Stanley Expansion Capital acquired a stake in the business with a strategic investment worth £25m.
Since the investment, which came in July, the firm has seen a 51% increase in account openings and a 130% increase in headcount.
The business also recently acquired Norwegian FinTech Settle Group AS, gaining a European EMI license and unlocking new growth opportunities across the region.
“We’re on a mission to make a major impact and become the go-to partner for businesses taking on the global stage,” said Vroon Modgill, CEO & founder of Sokin.
“This backing from BlackRock serves as a testament to the strength of our proposition, and the rate in which we’ve managed to onboard new business customers.”
Sokin was founded with a 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 via its platform.
Sokin is currently operating at a transactional volume run-rate of over £3.6bn annually and anticipates further growth.
Tim Fenwick, director at BlackRock growth debt, added: “Sokin has developed a unique and compelling proposition that helps solve major challenges facing international businesses.
“We are glad to support Sokin’s rapid growth trajectory and welcome them to our diverse portfolio of high-growth companies.”