Sokin, supported by major financial entities, moves into the EU market by acquiring Norwegian fintech Settle.
- This acquisition provides Sokin access to a European EMI license, crucial for their EU expansion.
- Settle, operational since 2010, offers a broad EU-based payment platform despite Norway’s non-EU status.
- Sokin, founded in 2019, offers global business remittance services in over 100 currencies.
- Sokin aims for strategic growth and market leadership through new capabilities and acquisitions.
Sokin, a British payments firm, is expanding its reach into the European Union by acquiring Norwegian fintech Settle. This strategic move is supported by financial backing from Morgan Stanley and notable investors like former footballer Rio Ferdinand. The acquisition grants Sokin access to a European EMI license, a vital regulatory approval for providing payment services across the EU.
Settle, established in Oslo in 2010, operates an app-based payments platform throughout the EU, despite Norway not being an official EU member. Instead, Norway’s participation in the European Economic Area (EEA) allows Settle to economically associate with the Union, thus facilitating Sokin’s foray into the EU market.
While specific financial details of the acquisition remain undisclosed, industry estimates value Settle between $7 million and $11 million. Sokin’s CEO, Vroon Modgill, regards the acquisition as transformative, stating that it will unlock new technological capabilities and enhance market presence. “It is an incredibly exciting time for us as a business and we anticipate this being the first of several acquisitions, following recent investment which has accelerated our growth,” Modgill expressed.
Founded in 2019, Sokin has quickly positioned itself as an international remittance provider for businesses, managing transactions in over 100 currencies. Their substantial backing includes early investments from sports icon Rio Ferdinand and a significant £24 million investment from Morgan Stanley.
Through this acquisition, Sokin’s strategy focuses on delivering leading market value and establishing itself as a reliable partner for global businesses. The acquisition of Settle marks a significant step in this direction, poised to enhance Sokin’s technological leverage and geographical footprint.
Sokin’s acquisition of Settle sets the stage for strengthening its market influence and technological growth within the EU.
