Morgan Stanley Expansion Capital acquires stake in global payments fintech Sokin

Business Wire 24-Jul-2024 8:00 AM

• Strategic investment is expected to accelerate Sokin's product growth plans and further global expansion
• Additional investors include 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

Investment funds managed by Morgan Stanley Expansion Capital have acquired a stake in UK headquartered payments business Sokin, marking an exciting new chapter for the fast-expanding fintech firm. The acquisition will provide significant capital and accelerate its product growth plans and further global expansion.

The transaction is constructed to provide investment to the company to support the speed and breadth of its growth. Sokin 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.

Whilst Morgan Stanley Expansion Capital has led the transaction, it also includes investment from prominent US investors including Gary Marino, former Chief Commercial Officer at PayPal who will join the Board, 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. Existing investors in Sokin include former England and Manchester United defender Rio Ferdinand.

Sokin was founded in 2019 with a simple vision to remove the borders, barriers, and burdens associated with international payments. Today it 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.

Sokin enables more than $2.5bn in transactional volume per year, with further rapid growth anticipated. It supports businesses across a wide range of verticals, from freight and logistics - to Premier League football clubs, enabling them to manage global payments and financials with speed, efficiency, and transparency.

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 revolutionize 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."

About Sokin

Sokin was founded in 2019 with a simple vision to remove borders, barriers, and burdens associated with international payments. Today it 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 with speed, efficiency, and transparency. Sokin's dedication to improving financial efficiencies for global businesses has already led to more than $2.5bn in transactional payment volume per year.

About Morgan Stanley Expansion Capital

Morgan Stanley Expansion Capital is the growth-focused private investment platform within Morgan Stanley Investment Management. Morgan Stanley Expansion Capital targets growth equity and credit investments within consumer, technology, healthcare, and other high-growth sectors. For over three decades, Morgan Stanley Expansion Capital has successfully pursued growth investment opportunities and has completed investments in over 200 companies, leveraging the global brand and network of Morgan Stanley.

About Morgan Stanley

Morgan Stanley (NYSE:MS) is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 42 countries, the Firm's employees serve clients worldwide including corporations, governments, institutions and individuals. For further information about Morgan Stanley, please visit www.morganstanley.com.

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