UK fintech remains a popular destination for investment, with Morgan Stanely the latest major multinational player to make an investment in the space.
Investment funds managed by Morgan Stanley Expansion Capital, the bank’s private investment fund, have acquired a stake in Sokin, a UK-based payments business.
Morgan Stanley was not the only major payments player to join the round, however. Former PayPal CCO Gary Marino is another prominent US name to have invested in the company, alongside the payments giant’s former Chief Product Officer, Mark Britto.
Vroon Modgill, CEO and Founder of Sokin, said: “This investment represents an exciting new chapter for Sokin – one filled with immense opportunities for growth and innovation.
“By joining forces with the Morgan Stanley Expansion Capital team, we gain access to unparalleled resources and expertise which we believe will enable us to accelerate our growth trajectory and better serve our customers.”
Other investors include Aurum Partners, an investment fund affiliated with the owners of the San Francisco 49ers. Sokin already has an association with sports inventors, with former England and Manchester United defender Rio Ferdinand a shareholder.
The firm has also worked with English Premier League teams Arsenal, Everton and Fulham, French Ligue One side AS Monaco, and the Miami Dolphins of the US National Football League (NFL).
Founded in 2019, Sorkin’s core area of focus is international and cross-border payments. The company plans to use this latest round of funding to further support its global growth ambitions.
The US-led investment in the company demonstrates the continuing investment interest in the UK’s fintech sector. A report earlier this year, for example, found that UK fintech raised $1.4bn raised across 73 funding rounds in Q1 2024.
Lincoln Isetta, Managing Director at Morgan Stanley Expansion Capital, said: “Sokin demonstrated outlier growth and capital efficiency that was powered by a great product and a high achieving team.
“We are pleased to partner with Vroon and the Sokin team to leverage our experience working with high-performing companies raising their first significant institutional capital. We believe Sokin has built a modern, comprehensive technology platform that is well suited to help enterprises simplify payments across geographies.
“Many of the world’s largest and most sophisticated companies and sports clubs already trust Sokin to execute strategic payments and we believe Sokin is at the forefront of technology leadership in those markets.”
