Sokin, a British payments firm, is expanding into the European Union by acquiring Norwegian fintech Settle.
- The acquisition grants Sokin access to Settle’s European EMI licence, allowing it to provide payment services across the EU.
- Settle, launched in Oslo in 2010, operates extensively across the EU, though Norway is not an EU member.
- Sokin, founded in 2019, is backed by Morgan Stanley and ex-footballer Rio Ferdinand, providing payments in over 100 currencies.
- The acquisition is considered a ‘game-changer’ by Sokin’s CEO, anticipating further growth following recent investments.
Sokin, the British payments firm benefiting from backing by Morgan Stanley, is set to expand its operations within the European Union through the acquisition of Norwegian fintech company Settle. This strategic move allows Sokin to gain access to Settle’s European EMI licence, which is crucial for facilitating its payment services across EU nations.
Founded in Oslo in 2010, Settle operates a comprehensive app-based payments platform that serves a wide array of EU countries. Although Norway, where Settle originates, is not a part of the EU, it maintains economic associations through the European Economic Area, thereby enabling such collaborative ventures.
Sokin has kept the financial details of the acquisition undisclosed, but Dealroom estimates place Settle’s valuation between $7 million and $11 million. According to Vroon Modgill, the founder and CEO of Sokin, this acquisition is transformative for the company, as it enhances technological capabilities while boosting market reach across key regions. He stated, ‘It is an incredibly exciting time for us as a business.’
Founded in 2019, Sokin specialises in international remittances for businesses, offering transactions in over 100 different currencies. The firm received initial investments from former Manchester United and England football star Rio Ferdinand, followed by significant investment amounting to £24 million from the US bank Morgan Stanley.
CEO Vroon Modgill highlighted the importance of this acquisition, noting it as a precursor to a series of future acquisitions driven by recent financial injections that have propelled the company’s growth trajectory. The primary focus remains on delivering exceptional value and establishing Sokin as a reliable partner for businesses globally.
Sokin’s acquisition of Settle marks a significant step forward in its strategy to establish a robust presence in key European markets, further supported by substantial investments.
