UK-headquartered fintech Sokin secures $31M investment from Morgan Stanley; Set to enhance UAE’s financial sector

• Sokin has raised $31 million in a funding round led by Morgan Stanley Expansion Capital.
• The deal also includes investments from former PayPal executives and Aurum Partners.
• This funding will further accelerate Sokin’s expansion and presence in the UAE’s fintech industry.

Sokin, a UK-headquartered payments fintech, has secured a significant $31 million investment led by Morgan Stanley Expansion Capital. Founded in 2019, Sokin specialises in international remittances and facilitates transactions in over 100 currencies. This funding milestone highlights Sokin’s growing influence in the fintech industry and its potential to revolutionise payment solutions worldwide.

As a strategic partner of Seed Group, a company of The Private Office of Sheikh Saeed bin Ahmed Al Maktoum, Sokin stands to benefit from enhanced support in the UAE.

MS Expansion Capital obtains a stake in Sokin

Morgan Stanley Expansion Capital’s strategic investment of substantial value is expected to boost Sokin’s product development goals and expedite its global expansion. According to Morgan Stanley’s press release, Sokin will continue to operate as a separate entity and brand, with the present management team continuing to spearhead its expansion. In addition, Vroon Modgill, the CEO and Founder of Sokin, still owns a material shareholding.

This strategic funding round also attracted contributions from notable figures such as Gary Marino, former PayPal Chief Commercial Officer; Mark Britto, former PayPal Chief Product Officer; and Aurum Partners, an investment fund linked with the San Francisco 49ers. Current investment backer Rio Ferdinand, a former England and Manchester United footballer, also continues to support the company. 

The company, which already facilitates over $2.5 billion in transactions annually, aims to leverage the newfound capital to expand its operations, enhance its technology, and scale its global presence. The partnership with Morgan Stanley and other high-profile investors gives Sokin access to valuable resources and strategic expertise, which will bolster its ability to deliver efficient and transparent cross-border payment solutions

Impact within the UAE’s fintech market

Indeed, Morgan Stanley’s acquisition of a stake in Sokin is expected to create a waterfall effect on the UAE market. This investment will undoubtedly boost the company’s technical operations and capabilities, resulting in optimised and efficient payment solutions for global businesses.

As a strategic partner of Seed Group, Sokin offers a proposition in the UAE market designed to improve transaction efficiency and transparency while providing customised financial solutions. Ultimately, this positions Sokin as a key contributor to the country’s growing reputation as a leading fintech hub.

About Sokin

Sokin was founded with a simple vision: to remove 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 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. For more information, visit www.sokin.com.