Sokin has announced another major fundraise, with $15m from BlackRock, that follows a strategic investment of $31m by Morgan Stanley Expansion Capital last year.
The $15m debt funding from funds and accounts managed by BlackRock is to enable the payments firm to “continue its rapid growth trajectory.”
“We’re on a mission to make a major impact and become the go-to partner for businesses taking on the global stage,” said Vroon Modgill, CEO & Founder of Sokin.
“This backing from BlackRock serves as a testament to the strength of our proposition, and the rate in which we’ve managed to onboard new business customers. With this funding, we’ll further elevate our product offering, expand our international team, and break into new, untapped markets.”
One of the tech firm’s first investors was Manchester United and England footballer, Rio Ferdinand who put in a six-figure sum, back in 2021. Then a £200m start-up he said he’d made the move because when he grew up he had bad experiences of transferring money back home.
READ MORE – Rio Ferdinand-backed credit and reward card raises £62.5m
As well as Ferdinand, other backers include Gary Marino, former Chief Commercial Officer at PayPal, Mark Britto former Chief Product Officer at PayPal and Aurum Partners, the investment fund affiliated with the owners of the San Francisco 49ers.
“Sokin has developed a unique and compelling proposition that helps solve major challenges facing international businesses,” added Tim Fenwick, Director at BlackRock Growth Debt.
“We are glad to support Sokin’s rapid growth trajectory and welcome them to our diverse portfolio of high-growth companies.”
Recently the UK-head quarter company has had a 51% increase in account openings, and a 130% increase in headcount and recently acquired Norwegian fintech Settle Group AS.
It said the new cash would help it further grow its market share, develop new products and “significantly” scale its team.
