Global payment company Sokin has made a significant move to enhance its technological capabilities and expand its offerings by acquiring Norwegian fintech firm Settle Group AS. This strategic acquisition comes on the heels of Sokin receiving a substantial investment of $31 million from Morgan Stanley Expansion Capital.
Sokin’s CEO and founder, Vroon Modgill, emphasized the importance of this acquisition, stating that it will unlock new technological capabilities and expand the company’s presence in key markets. This move is expected to be the first in a series of acquisitions, driven by the recent investment that has accelerated Sokin’s growth. The company’s goal is to provide market-leading value and become a trusted partner for businesses on the global stage.
Settle: A Comprehensive Payment Solution
Settle, launched in 2010, is an app-based platform that enables consumers and businesses to send and receive money instantly, both domestically and internationally. With its presence in all European Union countries, Settle is positioned as a flexible and efficient tool for managing transactions.
Through this acquisition, Sokin gains access to Settle’s European EMI license, which will strengthen its market presence and open up new growth opportunities in the region.
Sokin, founded in 2019, offers a platform that allows global businesses to transfer, hold, and exchange over 100 currencies through multi-currency IBANs and local currency accounts. With a transaction rate of over $4.5 billion annually, Sokin is poised for further growth. The company integrates with businesses across various verticals, including transport, logistics, and Premier League football clubs.