The UK-based payments company Sokin and Morgan Stanley Expansion Capital have announced a US$31 million investment collaboration.

With the help of Morgan Stanley Expansion Capital's investment, Sokin will have the funding it needs to continue functioning on its own, with its present management team spearheading expansion plans. The CEO of Vroon Modgill will continue to own a sizable stake.

Prominent US investors are also involved in the deal: Gary Marino, a former PayPal CCO, will join Sokin's board and contribute a plethora of knowledge and strategic acumen. The investing group also includes Mark Britto, a former chief product officer of PayPal, and Aurum Partners, an investment fund connected to the San Francisco 49ers owners.

Rio Ferdinand, a former defender for Manchester United and England, is among the current investors. He says, "This is a huge moment for the team at Sokin and a testament to the product and business they've built up." I'm thrilled to watch the company grow stronger and stronger."

"Remove the borders, barriers, and burdens associated with international payments" is the stated objective of Sokin, a company founded in 2019. With its multi-currency IBAN and local currency accounts, which are all linked into a complete platform, the company helps businesses worldwide to move, store, and exchange over 100 different currencies. Currently facilitating yearly transaction volumes of over US$2.5 billion, Sokin is expected to continue growing quickly. Its clientele includes Premier League football teams as well as freight and logistics companies, and it offers quick and clear international payment alternatives.

Leadership Perspective

"This investment represents an exciting new chapter for Sokin - one filled with immense opportunities for growth and innovation," says Vroon Modgill, CEO and founder of the company. We think that by collaborating with the Morgan Stanley Expansion Capital team, we will have access to unmatched resources and knowledge that will help us improve customer service and accelerate our development trajectory.

Morgan Stanley Expansion Capital's managing director, Lincoln Isetta, said of Sokin: "Sokin demonstrated outlier growth and capital efficiency that was powered by a great product and a highly accomplished team." We are excited to collaborate with Vroon and the Sokin team in order to take advantage of our expertise in helping high-achieving businesses secure their first sizeable institutional funding. We think Sokin has developed a cutting-edge, all-inclusive technological platform that is ideal for assisting businesses in streamlining cross-border payments. We think Sokin is at the forefront of technological leadership in those areas, since many of the biggest and most sophisticated corporations in the world as well as sports teams currently rely on Sokin to carry out crucial payments.

Tech investor and former PayPal CEO Gary Marino continues, saying, "Sokin has created an amazing platform driven by strategic licensing and alliances ready for more product and market development. We're thrilled about how Sokin's solutions will help to create a new standard for international payments.

The partnership's future is something that Brano Perkovich, Founding Partner at Aurum Partners, is excited about: "Sokin's creative strategy and gifted team have laid a strong foundation for success." We're excited to collaborate with Vroon and the Sokin team to completely transform the payments industry worldwide."