UK-based payments company Sokin has received a $15m debt funding package from BlackRock-managed funds and accounts.
The funding is said to help Sokin boost its market share, develop new products, expedite global expansion efforts, and scale its team.
Plans include opening new offices in London, New York, Toronto, and Dubai.
The recent funding follows an investment by Morgan Stanley Expansion Capital, which acquired a stake in Sokin with a $31m investment in July last year.
Sokin claims to have experienced a surge in growth, including a 51% growth in account openings and a 130% jump in its workforce.
Sokin CEO and founder Vroon Modgill said: “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.”
BlackRock Growth Debt director Tim Fenwick noted: “Sokin has developed a unique and compelling proposition that helps solve major challenges facing international businesses. We are glad to support Sokin’s rapid growth trajectory and welcome them to our diverse portfolio of high-growth companies.”
Sokin recently acquired Norwegian fintech Settle Group AS, granting the company a European EMI licence and opening new growth avenues across the region.
The company has garnered support from investors such as former PayPal chief commercial officer Gary Marino, former PayPal chief product officer Mark Britto and other backers include Aurum Partners, associated with the San Francisco 49ers' owners, former England and Manchester United football player Rio Ferdinand.
The paytech currently provides global businesses with the ability to transfer, hold, and exchange over 100 currencies through its multi-currency IBAN and local currency accounts, all accessible via a single platform.
"UK paytech Sokin rakes in $15m from BlackRock " was originally created and published by Electronic Payments International, a GlobalData owned brand.
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