Investment funds managed by Morgan Stanley Expansion Capital acquired Sokin, a UK based payments company.
The amount of the deal was not disclosed. Additional investors included Gary Marino, former CCO at PayPal, who will join the Board, Mark Britto, former CPO at PayPal, and Aurum Partners, the investment fund affiliated with the owners of the San Francisco 49ers and other strategic LPs. Existing investors include Rio Ferdinand, former England and Manchester United defender.
The strategic investment is expected to accelerate Sokin’s product growth plans and further global expansion. The company will continue operating as an independent unit and brand, and the current management team will remain to lead its expansion, with CEO Vroon Modgill maintaining a material shareholding.
Led by CEO and Founder Vroon Modgill, Sokin enables global businesses to transfer, hold and exchange over 100 currencies with its multi-currency IBAN and local currency accounts – all through one 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. Its has already managed more than $2.5 Billion in transactional payment volume per year.
FinSMEs
24/07/2024