Morgan Stanley Expansion Capital, a private investment platform targeting late-stage growth equity and investments, has acquired a stake in UK-based payments business Sokin.
The transaction includes investments from US investors including Gary Marino, former chief commercial officer at PayPal, and Mark Britto, former chief product officer at PayPal.
Aurum Partners, the investment fund affiliated with the owners of the San Francisco 49ers and other strategic limited partners also participated in the transaction.
In addition, Sokin’s existing investor, former England and Manchester United defender Rio Ferdinand, also participated in the investment.
The investment is structured to support Sokin’s growth in terms of both speed and scope.
It will provide capital and help advance the fintech company’s product growth plans and global expansion.
Sokin will continue to operate as an independent unit and brand, with its current management team, including CEO Vroon Modgill, said Morgan Stanley Expansion Capital.
Vroon Modgill said: “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.”
Gary Marino 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.”
Sokin was formed in 2019, to eliminate the limitations and burdens associated with international payments.
The company currently enables global businesses to transfer, hold, and exchange over 100 currencies through its multi-currency IBAN and local currency accounts on a single platform.
It facilitates more than $2.5bn in transactional volume annually and is expected to experience further rapid growth.
The company supports businesses in diverse sectors, from freight and logistics to Premier League football clubs, helping them manage global payments and financials.
Morgan Stanley Expansion Capital managing director Lincoln Isetta 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.
Aurum Partners founding partner Brano Perkovich 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.”
