Thu, 05 Dec 2024 | BUSINESS SALE
UK payments firm Sokin has bought Norwegian fintech Settle Group to drive its European expansion. It said the deal was a ‘game changer’ and promised more acquisitions to come.
Settle is an app-based payment platform, launched in 2010, that operates across all EU countries. It enables consumers and businesses to send and receive money instantly, both domestically and across borders, ‘providing a seamless and efficient payment solution’.
Sokin, founded in 2019, enables global businesses to transfer, hold and exchange over 100 currencies with its multi-currency IBAN and local currency accounts – all through one platform.
It supports a range of businesses from freight and logistics to Premier League football clubs, enabling them to manage global payments and financials.
According to Sokin, the acquisition, for an undisclosed amount, will enhance its technological capabilities and drive the development of innovative solutions and products, including Sokin Pay.
Sokin will gain a European (Electronic Money Institution) EMI license through the acquisition, strengthening its market presence and unlocking new growth opportunities across the region. It said that the deal demonstrated its appetite to make further strategic acquisitions within the payments space, in order to accelerate its expansion.
This comes after Sokin received investment worth $31 million from Morgan Stanley Expansion Capital in July 2024. Sokin has seen significant growth in recent months following that investment, including a 51 per cent increase in account openings, and a 130 per cent increase in headcount.
Vroon Modgill, CEO & Founder of Sokin, said: “The acquisition of Settle is a game-changer for Sokin enabling us to expand our presence in key markets. It is an incredibly exciting time for us as a business and we anticipate this being the first of a number of acquisitions, following recent investment which has accelerated our growth. Our focus is on providing market leading value, an unrivalled proposition and becoming the trusted partner for businesses on the global stage.”
Find out why UK dealmakers are feeling more bullish
An opportunity has arisen to acquire a reputable IT support and development services provider with a UK-wide client base and a proven record for innovation and resilience in the constantly evolving IT sector. Throughout its 25+ year trading history,...
An opportunity has arisen to acquire an IT company based in Aberdeenshire. This profitable business has grown consistently since it was established in 1989 to provide a portfolio of key IT support and services to its loyal customer base throughout Sc...
A chance to support or take over a reputable West Midlands managed service provider with a dedicated clientele.
25
|
Apr
|
Scaffolding company Hi-Point Access raises funds following Gap acquisition | BUSINESS SALE
Sheffield scaffolding company Hi-Point Access has secured &p...
24
|
Apr
|
Malaysia's IJM buys a stake in London construction firm JRL | BUSINESS NEWS
IJM Corporation Berhad has bought a 50% stake in Borehamwood...
24
|
Apr
|
Training group Babington bought by PE-backed Knovia | BUSINESS SALE
Apprenticeship and training provider Babington has been acqu...
30
|
Jan
|
Buyer sought for psychometric test provider SHL | BUSINESS SALE
Psychometric test provider SHL has been put up for sale by H...
23
|
Jan
|
Devonshire Square building for sale | COMMERCIAL PROPERTY
Devonshire Square, the London home of insurance firm Aon, is...
Business Sale Report is the complete resource for finding genuine acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.