Morgan Stanley (NYSE:MS) Expansion Capital has acquired a stake in the Rio Ferdinand-backed, UK-based payments fintech Sokin through a $31 million investment that will then be used to fund product growth and international expansion.
Sokin will continue to operate independently, with CEO Vroon Modgill maintaining a significant shareholding. The transaction also involves investments from notable figures including Gary Marino and Mark Britto, both former PayPal executives and Aurum Partners, the investment fund associated with the owners of the San Francisco 49ers.
Founded in 2019, Sokin enables international payments by allowing businesses to transfer, hold, and exchange over 100 currencies through its multi-currency IBAN and local currency accounts. The company processes over $2.5 billion in transactions annually and serves various sectors, including freight, logistics, and Premier League football clubs.
CEO Vroon Modgill highlighted the growth and innovation opportunities the investment brings. Lincoln Isetta of Morgan Stanley praised Sokin's growth and product quality, while Gary Marino and Brano Perkovich emphasized the platform's potential in global payments. Former Premier League star Ferdinand was an early investor in the business.