Morgan Stanley buys stake in UK business payments start-up Sokin

Key Points:

1. Acquisition Details:
   • Morgan Stanley has acquired a significant stake in Sokin, a UK-based business payments start-up.
   • Transaction led by Morgan Stanley Expansion Capital.
   • Total investment in Sokin reported to be $31 million by Business Insider.
2. Additional Investors:
   • Investment also includes contributions from Aurum Partners.
   • Gary Marino (former Chief Commercial Officer of PayPal) and Mark Britto (former Chief Product Officer of PayPal) are involved.
3. Board Involvement:
   • Gary Marino is set to join the Sokin board.
4. Operational Independence:
   • Sokin will continue to operate as an independent unit and brand under its current management team.
5. Growth and Expansion:
   • The investment aims to accelerate Sokin’s product growth plans and further global expansion.
6. CEO’s Statement:
   • Vroon Modgill, CEO and founder of Sokin, will retain a material shareholding.
   • Modgill describes the deal as marking an exciting new chapter for Sokin, emphasizing the access to resources and expertise from Morgan Stanley to boost growth.
7. Company Background:
   • Sokin was founded in 2019.
   • Notably backed by former international footballer Rio Ferdinand.
   • Operates local currency accounts and a multi-currency IBAN offering through a single platform enabling businesses to manage global payments and transact internationally.