Sokin acquires Settle for payments tech boost

This acquisition is aimed at enhancing Sokin’s technological capabilities and accelerating the development of innovative products, including Sokin Pay. Settle, an app-based payment platform launched in 2010, operates across all EU countries, enabling businesses and consumers to send and receive payments both domestically and internationally.

The platform offers an efficient and seamless solution for instant transactions. Through the acquisition, Sokin will obtain a European EMI license, expanding its market presence and unlocking new growth opportunities in the European region. This move aligns with Sokin’s strategy of making further strategic acquisitions to bolster its position in the payments sector.

Funding and evolution

The acquisition follows a USD 31 million investment Sokin received from Morgan Stanley Expansion Capital in July 2024. Since then, the company has experienced substantial growth, including a 51% increase in account openings and a 130% rise in headcount.

Founded with the goal of simplifying international payments, Sokin enables businesses to transfer, hold, and exchange over 100 currencies through its multi-currency IBAN and local currency accounts, all within a single platform. The company is currently processing over USD 4.5 billion in annual transaction volume and anticipates continued rapid growth. Its client base spans various industries, including freight, logistics, and Premier League football clubs, helping them manage global payments efficiently and transparently.