Morgan Stanley Expansion Capital has acquired a stake in the UK-based payments firm Sokin, marking a new chapter for the rapidly growing fintech company. This investment will provide significant capital to accelerate Sokin’s product development and global expansion.
Despite the acquisition, Sokin will continue to operate independently, with the current management team, led by CEO Vroon Modgill, remaining in place. Modgill will retain a substantial shareholding in the company, according to a release by Morgan Stanley.
This transaction, led by Morgan Stanley Expansion Capital, also includes investments from prominent US investors such as Gary Marino, former Chief Commercial Officer at PayPal, who will join Sokin’s Board. Other notable investors include Mark Britto, former Chief Product Officer at PayPal, and Aurum Partners, the investment fund associated with the owners of the San Francisco 49ers. Rio Ferdinand, the former England and Manchester United defender, is also among the existing investors.
Founded in 2019, Sokin aims to simplify international payments by eliminating borders and barriers. The company’s platform allows businesses to transfer, hold, and exchange over 100 currencies using a multi-currency IBAN and local currency accounts. Sokin handles more than $2.5 billion in transactional volume annually and supports a diverse range of sectors, from freight and logistics to Premier League football clubs, providing efficient and transparent financial management.
Vroon Modgill, CEO and 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.”
Meanwhile, Lincoln Isetta, Managing Director at Morgan Stanley Expansion Capital, highlighted Sokin’s impressive growth and product quality, saying, “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,” he added.
