- Latest funding follows recent strategic investment worth $31m by Morgan Stanley Expansion Capital
- Additional funding will enable Sokin to further grow its market share, develop new products and accelerate global expansion
- Sokin has already seen a 51% increase in new account openings since the recent investment from Morgan Stanley
UK headquartered payments firm Sokin has secured $15m debt funding from funds and accounts managed by BlackRock, enabling the business to continue its rapid growth trajectory. The funding comes just months after Morgan Stanley Expansion Capital acquired a stake in the business with a strategic investment worth $31m.
Sokin has seen significant growth in recent months following that investment in July, including a 51% increase in account openings, and a 130% increase in headcount. It also recently acquired Norwegian fintech Settle Group AS, gaining a European EMI license and unlocking new growth opportunities across region.
The latest funding will enable Sokin to further grow its market share, develop new products which enhance its proposition and significantly scale its team including new offices in London, New York, Toronto and Dubai.
Sokin has a number of high-profile investors backing the business, including Gary Marino, former Chief Commercial Officer at PayPal, Mark Britto, former Chief Product Officer at PayPal, Aurum Partners, the investment fund affiliated with the owners of the San Francisco 49ers, as well as former England and Manchester United defender Rio Ferdinand.
Sokin was founded 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 is currently operating at a transactional volume run-rate of over $4.5 billion annually, 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.
“We’re on a mission to make a major impact and become the go-to partner for businesses taking on the global stage. This backing from BlackRock serves as a testament to the strength of our proposition, and the rate in which we’ve managed to onboard new business customers. With this funding, we’ll further elevate our product offering, expand our international team, and break into new, untapped markets.”
Vroon Modgill, CEO & Founder of Sokin
“Sokin has developed a unique and compelling proposition that helps solve major challenges facing international businesses. We are glad to support Sokin’s rapid growth trajectory and welcome them to our diverse portfolio of high-growth companies.”
Tim Fenwick, Director at BlackRock Growth Debt
Ends
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 $4.5bn in transactional payment volume per year.
About BlackRock
BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate
About BlackRock Growth Debt
Over the last 25 years, BlackRock’s dedicated Growth Debt team has invested more than €5.8 billion in over 780 transactions across 22 jurisdictions. As leading investors in their market, the team of 31 provides companies with access to flexible, non-dilutive finance solutions that can accelerate growth, assist product launches, fund acquisitions, or international expansion alongside existing equity investment. Focusing on both Technology & Healthcare companies, the team’s scale, resources, and partnership approach enable the offering of a life cycle solution to companies at every stage of their growth journey.