Sokin, a UK-based payments firm, has strategically expanded into the European Union by acquiring Norwegian fintech, Settle.
- This acquisition grants Sokin access to the European EMI licence, essential for providing payment services throughout Europe.
- Although Norway is not in the EU, it is in the European Economic Area, which economically connects it to the Union.
- Sokin’s CEO, Vroon Modgill, views this acquisition as a transformative step for the company.
- Founded in 2019, Sokin has shown rapid growth with backing from Morgan Stanley and former footballer Rio Ferdinand.
Sokin, the British payments firm, has marked a significant milestone by expanding its operations into the European Union. This strategic move was achieved through the acquisition of Settle, a well-regarded Norwegian fintech company. The acquisition enables Sokin to leverage Settle’s European EMI licence, a crucial regulatory approval needed to provide payment services across the European region.
Though Norway is not an official EU member, it is part of the European Economic Area (EEA), allowing for economic ties to the Union. This affiliation provides Sokin with the regulatory framework to operate throughout the EU, expanded through Settle’s existing operations.
Sokin’s founder and CEO, Vroon Modgill, described the acquisition as a “game-changer” for the firm, emphasising its role in unlocking new technological capabilities and facilitating Sokin’s market presence expansion. Modgill stated, “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.”
This acquisition is seen as a strategic addition to Sokin’s mission of offering competitive and reliable payment services globally. The firm, established in 2019, is known for its extensive international remittance services, handling transactions in over 100 currencies.
Sokin’s growth is further supported by substantial investments, including a £24 million backing from Morgan Stanley, alongside early-stage support from former Manchester United and England footballer, Rio Ferdinand. The financial backing and strategic acquisitions like that of Settle aim to bolster Sokin’s position as a trusted partner for businesses engaged in international transactions.
With the acquisition of Settle, Sokin is poised to strengthen its presence in the European payments market.
