By receiving this funding, Sokin, which focuses on removing the borders, barriers, and complexities for global businesses, plans to scale its market share, develop additional products which optimise its proposition, and substantially expand its team by including new offices in London, New York, Toronto, and Dubai.
The announcement comes just over a month after Sokin acquired Settle, a Norwegian fintech company, to improve its technological capabilities and accelerate the development of products, including Sokin Pay. Additionally, the acquisition was set to enable Sokin to obtain a European EMI licence, in turn growing its market presence and benefiting from new growth opportunities in Europe. The move fell in line with the company’s strategy of making further strategic acquisitions to solidify its position in the payments sector.
Commenting on the news, representatives from Sokin underlined that the backing from BlackRock highlights the capabilities of their company’s proposition, as well as the rate at which it managed to onboard business customers. The funding is set to allow Sokin to further elevate its product offering, expand its international team, and enter new, untapped markets. Besides BlackRock, the UK-based fintech company is supported by Gary Marino, Mark Britto, Aurum Partners, and Rio Ferdinand.
Back in July 2024, investment funds managed by Morgan Stanley Expansion Capital acquired a stake in Sokin, with the move enabling the latter to further advance its operations. Teaming up with the Morgan Stanley Expansion Capital was set to allow Sokin to gain access to additional resources and expertise to enable it to accelerate its growth trajectory and improve the customer experience.
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