Acquisition

Sokin acquistion news – London-based Sokin Acquired Settle

Dec 5, 2024 | By Kailee Rainse

British payments company Sokin has acquired Norwegian fintech Settle Group AS for an undisclosed amount. This acquisition will strengthen Sokin’s technology and improve its services including its main product Sokin Pay. The move supports Sokin growth and aligns with its goal of transforming international payments.

SUMMARY

Sokin’s CEO and founder Vroon Modgill, highlighted the strategic importance of the acquisition: “The acquisition of Settle is a game-changer for Sokin unlocking new technological capabilities and enabling us to expand our presence in key markets. It is an incredibly exciting time for us as a business and we anticipate this being the first of a number of acquisitions, following recent investment which has accelerated our growth. Our focus is on providing market leading value, an unrivalled proposition and becoming the trusted partner for businesses on the global stage.”

Settle, launched in 2010, is an app-based payment platform that operates across all EU countries, allowing users to send and receive money instantly. It serves both consumers and businesses offering domestic and cross-border payment services. With this acquisition, Sokin gains Settle’s European EMI license.

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This move shows Sokin’s strong growth plans in the payments industry, especially after receiving €29.4 million in investment from Morgan Stanley Expansion Capital in July 2024.

This funding has led to significant growth for Sokin, with a 51% increase in new accounts and a 130% rise in employees paving the way for further expansion.

Founded in 2019, Sokin offers a platform that allows global businesses to transfer, hold, and exchange over 100 currencies using multi-currency IBANs and local currency accounts.

It was founded with the simple goal of removing the challenges of international payments. The company now handles over €4.2 billion in transactions each year and serves industries like logistics and Premier League football clubs.

About Sokin

Sokin was founded in 2019 with the goal of making international payments easier. Today, it helps global businesses transfer, hold, and exchange over 100 currencies using its multi-currency IBAN and local currency accounts, all through one platform.