Mishcon de Reya has recently advised Sokin, a leading global fintech specialising in international payments, on a successful multi-million dollar transaction which resulted in Morgan Stanley acquiring a stake in Sokin. The transaction was led by Morgan Stanley Expansion Capital with further investments being made by prominent players in the payments market, including Aurum Partners, Gary Marino, ex-chief commercial officer at PayPal and Mark Britto, former CPO of Paypal.
Sokin, established in 2019, provides over 500 businesses, including in freight, logistics and Premier League football clubs, with multi-currency accounts to manage their international receivables and payments.
The investment from Morgan Stanley follows a trend of major financial institutions increasing their stakes in European fintechs, signalling a growing interest and confidence in the sector. Sokin plans to utilise the capital to expand its global reach, with a particular focus on growth in Asia, South America and Africa. Currently, around 45% of Sokin's clients are based in North America, indicating a strong foundation for further international development.
Mishcon de Reya advised Sokin on all UK elements of the transaction, led by Hayley Cross, London-based Partner in our Corporate team, Kate Morter (Managing Associate) and Emma O'Rourke (Associate), as well as support from across the firm, including from our specialist Employment Incentives team.
Hayley Cross commented: "We are absolutely delighted to have completed this transaction for the Sokin team. Sokin is an incredibly exciting company led by a fantastic management team with an endless ambition for growth. The calibre of investors that they have attracted is testament to their achievements so far and their future growth plans. I am very happy for everyone involved and look forward to continuing to work with the Sokin team as they grow."
Vroon Modgill, Sokin’s CEO commented “The investment from Morgan Stanley is a testament to the product and team that have already been built at Sokin, but we very much see this as the start of what’s to come. With fantastic partners like this, including Mischon de Reya, we expect to achieve great things in the coming years.”