UK-based payments fintech Sokin has secured $15 million debt funding from funds and accounts managed by BlackRock (backed Pyramid Analytics and Upvest), enabling the business to continue its rapid growth trajectory. The funding comes months after Morgan Stanley Expansion Capital acquired a stake in the business with $31 million in strategic investment. Existing investors in Sokin include former England and Manchester United defender – Rio Ferdinand.The company intends to use the funds to further grow its market share, develop new products, enhance its proposition, and scale its team including new offices in London, New York, Toronto and Dubai.
Makes international payments seamless
Sokin was founded in 2019 by Vroon Modgill in the UK, Sokin works with the vision to remove borders, barriers, and burdens associated with international payments. It enables global businesses to transfer, hold and exchange over 100 currencies with its multi-currency IBAN and local currency accounts, through its 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 $2.5 billion in transactional payment volume per year.Sokin is currently operating at a transactional volume run-rate of over $4.5 billion annually, with further rapid growth anticipated.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 revolutionise 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.”
