Investment funds managed by Morgan Stanley Expansion Capital have acquired a stake in UK-headquartered global payments Neobank Sokin.
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.
It supports businesses across various verticals, from freight and logistics - to Premier League football clubs, enabling them to manage global payments and financials with speed, efficiency, and transparency.
Sokin will continue operating as an independent unit and brand. The current management team will remain to lead its expansion, with CEO Vroon Modgill maintaining a material shareholding.
Vroon Modgill, CEO and 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.”
The amount of funding raised has not been disclosed.
While Morgan Stanley Expansion Capital led the funding it included investment from Gary Marino, former PayPal chief Commercial Officer who will join the Board, Mark Britto, former PayPal chief Product Officer, and Aurum Partners.
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 believe Sokin has built a modern, comprehensive technology platform that is well suited to help enterprises simplify payments across geographies.”
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.”
Lead image: Sokin CEO and co-founder Vroon Modgill. Photo: uncredited.
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