Sokin, a British payments firm backed by Morgan Stanley and former footballer Rio Ferdinand, will expand into the European Union (EU) through the acquisition of Norwegian fintech Settle.
The acquisition of Settle will give Sokin access to its European EMI licence – regulatory approval to provide payment services in Europe.
Settle, which launched in Oslo in 2010, is an app-based payments platform that operates across the whole of the EU.
Though Settle’s home nation of Norway is not an official member of the EU, it is economically associated with the Union through the European Economic Area (EEA).
Sokin did not disclose the acquisition fee, however, Dealroom has estimated the company’s valuation to be between $7m and $11m.
“The acquisition of Settle is a game-changer for Sokin, unlocking new technological capabilities and enabling us to expand our presence in key markets,” said Sokin founder and CEO Vroon Modgill.
“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.”
Founded in 2019, Sokin is an international remittance provider for businesses. It offers payments in over 100 currencies.
The firm received early angel investments from the former Manchester United and England international star, before securing a £24m investment from US bank Morgan Stanley.
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