Sokin was founded in 2019 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.
It supports businesses across various verticals, from freight and logistics - to Premier League football clubs, enabling them to manage global payments and financials with speed, efficiency, and transparency.
Executives from 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, they gain access to unparalleled resources and expertise which they believe will enable them to accelerate their growth trajectory and better serve their customers.
Also commenting on this news, officials from Morgan Stanley said Sokin demonstrated outlier growth and capital efficiency that was powered by a great product and a high achieving team. They believe Sokin has built a modern, comprehensive technology platform that is well suited to help enterprises simplify payments across geographies.
In May 2022, Sokin partnered with Mastercard to expand payment services in the Middle East and Africa, offering new card programs in 39 countries. This collaboration aimed to provide cost-effective solutions to over 35 million migrant workers and improve financial services with secure, fee-free transactions via Sokin's mobile app.
In February 2022, the neobank enabled full ecommerce payments in the metaverse, allowing businesses to switch from physical stores to a virtual 3D ecosystem. Customers can shop and transact using Sokin's peer-to-peer mobile app. The metaverse ecommerce market is projected to exceed USD 40 billion by 2025, with luxury brands already participating.
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