British payments firm Sokin has announced its acquisition of Norwegian fintech Settle Group AS for an undisclosed sum.
The move positions Sokin to bolster its technological capabilities and enhance its offering, including its flagship product, Sokin Pay. This strategic acquisition directly plays into Sokin’s growth trajectory, aligning with its vision to transform international payments.
Sokin’s CEO and founder, Vroon Modgill, highlighted the strategic importance of the acquisition: “The acquisition of Settle is a game-changer for Sokin, unlocking new technological capabilities and enabling us to expand our presence in key markets. It is an incredibly exciting time for us as a business and we anticipate this being the first of a number of acquisitions, following recent investment which has accelerated our growth. Our focus is on providing market leading value, an unrivalled proposition and becoming the trusted partner for businesses on the global stage.”
Settle, launched in 2010, operates as an app-based payment platform across all EU countries, enabling users to send and receive money instantly. It caters to both consumers and businesses, offering domestic and cross-border payment services. Through the acquisition, Sokin gains access to Settle’s European EMI licence.
The acquisition highlights Sokin’s ambitions in the payments space, particularly following a recent €29.4 million investment from Morgan Stanley Expansion Capital in July 2024. This funding has spurred significant growth for Sokin, including a 51% increase in account openings and a 130% growth in headcount, setting the stage for further strategic expansions.
Founded in 2019, Sokin provides a platform enabling global businesses to transfer, hold, and exchange over 100 currencies via multi-currency IBANs and local currency accounts. According to Skin, they were “founded with a simple vision to remove the borders, barriers, and burdens associated with international payments.” With an annual transactional volume run rate exceeding €4.2 billion, the company serves industries ranging from logistics to Premier League football clubs.
Read the orginal article: https://www.eu-startups.com/2024/12/london-based-payments-firm-sokin-acquires-norwegian-fintech-settle-to-expand-european-footprint/
