In a major development, investment funds managed by Morgan Stanley Expansion Capital have acquired a significant stake in Sokin, a fast-growing fintech firm that specializes in international payments. The transaction will provide Sokin with the necessary capital to accelerate its product growth plans and further expand its global presence.
The acquisition is designed to provide Sokin with the financial resources needed to speed up its growth trajectory. The company will continue to operate as an independent unit and brand, with its current management team remaining at the helm. CEO Vroon Modgill will retain a significant shareholding in the company.
Morgan Stanley Expansion Capital led the transaction, which also saw participation from prominent US investors, including Gary Marino, former Chief Commercial Officer at PayPal, who will join the Board of Directors. 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, also joined the investment consortium.
Existing investors in Sokin include former England and Manchester United defender Rio Ferdinand.
Founded in 2019, Sokin has grown rapidly to become a leading player in the international payments space. The company’s innovative platform enables businesses to transfer, hold, and exchange over 100 currencies with its multi-currency IBAN and local currency accounts. This comprehensive platform has enabled more than $2.5 billion in transactional volume per year.
Sokin supports businesses across a wide range of verticals, from freight and logistics to Premier League football clubs. The company’s platform enables these businesses to manage their global payments and financials with speed, efficiency, and transparency.
This latest investment is expected to fuel Sokin’s rapid growth trajectory, enabling the company to expand its operations globally and further develop its product offerings.
