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.
Vroon Modgill, CEO & Founder of Sokin, said: “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.”
Tim Fenwick, Director at BlackRock Growth Debt, said: “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.”
Read the orginal article: https://ffnews.com/newsarticle/funding/sokin-secures-15m-debt-funding-from-funds-and-accounts-managed-by-blackrock/
