Morgan Stanley Leads US$31m Investment Into Sokin

Sokin, a UK-based payments business, has announced a US$31m investment partnership with Morgan Stanley Expansion Capital. 

Morgan Stanley Expansion Capital's investment will provide the capital to support Sokin - the partnership will allow Sokin to continue operating independently, with its current management team leading the expansion efforts. Vroon Modgill CEO, will retain a significant shareholding.

The transaction also includes prominent US investors: Gary Marino, former Chief Commercial Officer at PayPal, will join Sokin’s Board, bringing a wealth of experience and strategic insight. Additionally, Mark Britto, former Chief Product Officer at PayPal, and Aurum Partners, the investment fund affiliated with the owners of the San Francisco 49ers, are part of the investment consortium.

Existing investors also include former England and Manchester United defender Rio Ferdinand: “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."

Founded in 2019, Sokin’s mission is to "remove the borders, barriers, and burdens associated with international payments". The company enables global businesses to transfer, hold, and exchange over 100 currencies through its multi-currency IBAN and local currency accounts, all integrated into a comprehensive platform. Sokin currently facilitates over US$2.5bn in transactional volume annually, with expectations of continued rapid growth. Its client base spans various sectors, from freight and logistics to Premier League football clubs, providing efficient and transparent global payment solutions.

Leadership Perspective

Vroon Modgill, CEO & Founder of Sokin, says: “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, comments: “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, adds: “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 also expresses enthusiasm for the future of the partnership: "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."

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