Sokin, backed by Morgan Stanley, is expanding its EU presence through the acquisition of Settle, a Norwegian fintech.
- The acquisition provides Sokin with Settle’s European EMI licence, allowing the firm to offer payment services across the EU.
- Sokin’s CEO describes the move as transformational, emphasising enhanced technological capabilities and market reach.
- Founded in 2019, Sokin offers remittance services in over 100 currencies, growing rapidly with recent investments.
- This acquisition marks a significant step in Sokin’s strategy to become a leading global payments partner.
Sokin, a British payments firm, is moving forward with its strategic expansion into the European Union by acquiring Settle, a Norway-based fintech company. This acquisition is pivotal for Sokin as it provides access to Settle’s European EMI licence, crucial for offering payment services within the EU.
Though Norway is not an official EU member, it remains economically connected through the European Economic Area (EEA), giving Settle operational leverage across Europe. This acquisition marks a substantial leap for Sokin, facilitated by financial backing from notable investors such as Morgan Stanley and former footballer Rio Ferdinand.
Settle was established in Oslo in 2010 and has built a reputation as an app-based payments platform active across the entirety of the EU. While the financial specifics of the acquisition remain undisclosed, industry estimates suggest Settle’s valuation ranges between $7 million and $11 million.
Vroon Modgill, the founder and CEO of Sokin, heralds this acquisition as a significant milestone, providing new technological capabilities while reinforcing the company’s market presence. He stated, ‘The acquisition of Settle is a game-changer for Sokin, unlocking new technological capabilities and enabling us to expand our presence in key markets.’
Established in 2019, Sokin operates globally, providing businesses with international remittance services in more than 100 currencies. The company has seen accelerated growth fueled by substantial early investments, including £24 million from Morgan Stanley. Sokin’s strategy is focused on delivering unparalleled market value, aiming to emerge as a trusted collaborator for businesses worldwide.
The acquisition of Settle is a decisive step towards Sokin’s ambition to lead the global payments market.
