London-based payments fintech Sokin has secured fresh funding from Morgan Stanley Expansion Capital, which led the round.
Additional investors include Gary Marino, former chief commercial officer at PayPal who will join the company board, Mark Britto, former chief product officer at PayPal, and Aurum Partners, among others. According to Business Insider, the fintech start-up has raised $31 million in this funding round.
Sokin said the transaction has been constructed to provide investment to the company to support the “speed and breadth” of its growth. It clarifies that it 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.
Founded in 2019, Sokin helps global businesses to hold, transfer and exchange money in over 100 currencies with its multi-currency IBAN and local currency accounts, through one single platform. It claims to enable more than $2.5 billion in transactional volume per year, anticipating this figure to increase. It supports businesses across a wide range of verticals, from freight and logistics to Premier League football clubs, helping them manage global payments and financials with “speed, efficiency, and transparency”.
“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,” said Vroon Modgill, CEO and founder of Sokin.
Lincoln Isetta, managing director at Morgan Stanley Expansion Capital, added that the start-up has “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.”
