Sokin Secures £12m Debt Funding from BlackRock
Deal News | Jan 30, 2025 | Business Cloud
London-based financial technology firm Sokin has successfully secured £12 million in debt funding from funds and accounts managed by BlackRock. This capital injection is set to accelerate Sokin's expansion plans, including the opening of new offices in major global cities such as London, New York, Toronto, and Dubai. The investment follows a strategic funding of £25 million from Morgan Stanley Expansion Capital that led to significant boosts in account openings and staff numbers. Sokin, supported by former footballer Rio Ferdinand, is focused on expanding its global market share by offering seamless international payments solutions to businesses. Having recently acquired Norwegian FinTech company Settle Group AS, Sokin is poised to leverage its new European EMI license for broader market penetration.
Sectors
- Financial Technology (FinTech)
- Wealth and Asset Management
- Corporate Finance and Investment
Geography
- United Kingdom – Sokin is based in London, UK, and its expansion plans include significant activities there.
- United States – BlackRock's involvement as a U.S.-based investment management corporation is important.
- Norway – The acquisition of Settle Group AS, a Norwegian FinTech company, highlights a strategic move in the region.
- Global – Sokin's expansion plans include opening offices in New York, Toronto, and Dubai, supporting their global ambitions.
Industry
- Financial Technology (FinTech) – The article is centered on Sokin, a financial technology firm focusing on innovative payment solutions.
- Wealth and Asset Management – BlackRock, a leading wealth and asset management firm, plays a significant role in providing the latest funding.
- Corporate Finance and Investment – Morgan Stanley Expansion Capital's prior investment represents corporate finance and strategic investment activities.
Financials
- £12m – Debt funding secured by Sokin from BlackRock.
- £25m – Strategic investment by Morgan Stanley Expansion Capital earlier in the year.
- 3.6bn – Sokin's current annual transactional volume run-rate.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Sokin | Target | Company | A London-based FinTech company aiming to revolutionize global payments. |
| BlackRock | Investor | Company | A prominent global asset management firm providing the recent £12m funding. |
| Morgan Stanley Expansion Capital | Investor | Company | Previously invested £25m in Sokin, driving significant growth. |
| Rio Ferdinand | Supporter | Person | Retired English footballer backing and supporting Sokin. |
| Settle Group AS | Acquired Company | Company | A Norwegian FinTech company acquired by Sokin, contributing to its European expansion. |