Sokin Secures $15 Million Investment from BlackRock to Accelerate Global Expansion

Sokin Secures $15 Million Investment from BlackRock to Accelerate Global Expansion

UK-based payments firm Sokin is making waves in the international payment solutions arena for businesses. Recently, they secured $15 million in debt funding from funds and accounts managed by BlackRock, following a notable $31 million strategic investment from Morgan Stanley Expansion Capital. This influx of capital is set to propel Sokin’s growth even further.

Significant Growth and Expansion Plans

Sokin has witnessed remarkable growth in recent months, with a 51% increase in new account openings since the Morgan Stanley investment in July. Key highlights include:

  • A 130% increase in workforce to support expanding operations.
  • The acquisition of Norwegian FinTech Settle Group AS, which grants Sokin a European EMI license.
  • Plans to open new offices in London, New York, Toronto, and Dubai.

Funding Utilization

The newly acquired capital will be instrumental for Sokin to:

  • Enhance its market presence.
  • Develop innovative payment products.
  • Significantly scale its team.

Backing from High-Profile Investors

Sokin has garnered support from several prominent figures in the finance and sports industries, including:

  • Gary Marino, former chief commercial officer at PayPal.
  • Mark Britto, former chief product officer at PayPal.
  • Aurum Partners, linked to the owners of the San Francisco 49ers.
  • Former England and Manchester United defender, Rio Ferdinand.

Mission and Future Outlook

Founded in 2019, Sokin is on a mission to eliminate the barriers associated with international payments. They offer businesses the ability to transfer, hold, and exchange over 100 currencies through their multi-currency IBAN and local currency accounts, providing a streamlined solution for managing global transactions.

Sokin currently operates at a transactional volume run-rate exceeding $4.5 billion annually, catering to various industries, including freight, logistics, and Premier League football clubs. This efficiency and transparency in global payments is what sets Sokin apart in the competitive fintech landscape.

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Sokin’s CEO & Founder, Vroon Modgill, stated, “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 at 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.”

Tim Fenwick, director at BlackRock Growth Debt, commented, “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.”

For more information about Sokin and its innovative payment solutions, visit their official website at Sokin.com.

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