Sokin amplifies growth with BlackRock's $15m debt funding
Deal News | Jan 31, 2025 | UK Tech Funding
Sokin, a fintech company headquartered in London, has received $15 million in debt funding from BlackRock, marking a significant step in its expansion efforts. Founded in 2019, Sokin aims to leverage this financing to boost its market presence, develop innovative products, and scale its operations globally. The company plans to expand its workforce and open additional offices in strategic locations such as London, New York, Toronto, and Dubai. Sokin already boasts key investors, including prominent names from PayPal and the investment arm of the San Francisco 49ers. With a transactional volume run-rate exceeding $4.5 billion annually, Sokin continues to break into new markets and enhance its multi-currency platform, which facilitates transactions in over 100 currencies. Vroon Modgill, Sokin's CEO and Founder, expressed confidence in the company's growth trajectory, with this recent financial backing serving as validation of its robust business model and customer acquisition strategy.
Sectors
- Fintech
- Investment Management
Geography
- United Kingdom – Sokin is based in London, UK, and the article discusses its growth and expansion plans originating from this location.
- United States – BlackRock, an American firm, is the provider of the debt funding, and Sokin plans to open a new office in New York.
- Canada – Sokin's expansion plans include opening a new office in Toronto, Canada.
- United Arab Emirates – Sokin plans to open a new office in Dubai as part of its expansion strategy.
Industry
- Fintech – The article focuses on Sokin, a fintech company offering multi-currency payment solutions, highlighting recent financial activities within the sector.
- Investment Management – BlackRock, a global investment management corporation, is involved in providing debt funding, relevant to the article's financing theme.
Financials
- $15 million – The amount of debt funding provided by BlackRock to Sokin.
- $31 million – The amount for which Morgan Stanley Expansion Capital acquired a stake in Sokin last year.
- $4.5 billion – Annual transactional volume run-rate currently achieved by Sokin.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Sokin | Target Company | Company | A London-based fintech firm providing multi-currency payment solutions. |
| BlackRock | Investor | Company | An American global investment management corporation, providing $15 million in debt funding to Sokin. |
| Vroon Modgill | CEO & Founder | Person | CEO and Founder of Sokin, leading the company's growth and strategic direction. |
| Gary Marino | Investor | Person | Former Chief Commercial Officer at PayPal and a high-profile backer of Sokin. |
| Mark Britto | Investor | Person | Former Chief Product Officer at PayPal and a high-profile backer of Sokin. |
| Aurum Partners | Investor | Company | Investment fund affiliated with the owners of the San Francisco 49ers, backing Sokin. |
| Rio Ferdinand | Investor | Person | Former England and Manchester United defender, a high-profile backer of Sokin. |
| Morgan Stanley Expansion Capital | Investor | Company | Previously acquired a stake in Sokin for $31 million. |