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Morgan Stanley buys stake in UK business payments start-up Sokin | Fintech InShorts: Latest fintech news, analysis by experts

Morgan Stanley buys stake in UK business payments start-up Sokin

BankingBusinessFinTech

Less than 1 min.Read

Morgan Stanley buys stake in UK business payments start-up Sokin

July 27, 2024

Key Points:

Acquisition Details:
- Morgan Stanley has acquired a significant stake in Sokin, a UK-based business payments start-up.
- Transaction led by Morgan Stanley Expansion Capital.
- Total investment in Sokin reported to be $31 million by Business Insider.
Additional Investors:
- Investment also includes contributions from Aurum Partners.
- Gary Marino (former Chief Commercial Officer of PayPal) and Mark Britto (former Chief Product Officer of PayPal) are involved.
Board Involvement:
- Gary Marino is set to join the Sokin board.
Operational Independence:
- Sokin will continue to operate as an independent unit and brand under its current management team.
Growth and Expansion:
- The investment aims to accelerate Sokin’s product growth plans and further global expansion.
CEO’s Statement:
- Vroon Modgill, CEO and founder of Sokin, will retain a material shareholding.
- Modgill describes the deal as marking an exciting new chapter for Sokin, emphasizing the access to resources and expertise from Morgan Stanley to boost growth.
Company Background:
- Sokin was founded in 2019.
- Notably backed by former international footballer Rio Ferdinand.
- Operates local currency accounts and a multi-currency IBAN offering through a single platform enabling businesses to manage global payments and transact internationally.

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