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.”
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