Morgan Stanley Expansion Capital acquires stake in global payments fintech Sokin
24 July 2024 - 10:00PM
Business Wire
- 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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