Norwegian fintech Settle has been acquired by UK-based payments firm Sokin in a strategic move to enhance technological capabilities and expand market presence. Founded in 2010, Settle revolutionized mobile payments in the Nordics with the launch of the first mobile payment platform in Norway, mCASH. Settle’s platform enables consumers and businesses across Europe to send and receive money instantly, simplifying payment processes for millions. By integrating Settle’s cutting-edge mobile payment solution, Sokin gains access to a European EMI license, expanding its operations and positioning itself for rapid growth.
Settle is an app-based payment platform, launched in 2010, that operates across all EU countries. It enables consumers and businesses to send and receive money instantly, both domestically and across borders, providing a seamless and efficient payment solution.
Sokin will gain a European EMI license through the acquisition, strengthening its market presence and unlocking new growth opportunities across the region. The deal demonstrates Sokin’s appetite to make further strategic acquisitions within the payments space, in order to accelerate its expansion.
This comes after Sokin received investment worth $31m from Morgan Stanley Expansion Capital in July 2024. Sokin has seen significant growth in recent months following that investment, including a 51% increase in account openings, and a 130% increase in headcount.
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.
“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,” says Vroon Modgill, CEO & Founder of Sokin.
Click here to read more IPO/M&A news.
Read the orginal article: https://arcticstartup.com/settle-acquired-by-sokin/
