Morgan Stanley has led a $31m (£24m) investment into London-based payments startup Sokin, which was previously backed by a former Manchester United star.
Founded in 2019, Sokin is an international remittance provider for businesses. It offers payments in over 100 currencies.
The company said it facilitates over $2.5bn in transactional volume per year.
The latest investment in the startup saw a stake taken by Morgan Stanley Expansion Capital, an investment fund controlled by the US banking giant.
“We believe Sokin has built a modern, comprehensive technology platform that is well-suited to help enterprises simplify payments across geographies,” said Lincoln Isetta, managing director at Morgan Stanley Expansion Capital.
“Many of the world’s largest and most sophisticated companies and sports clubs already trust Sokin to execute strategic payments and we believe Sokin is at the forefront of technology leadership in those markets.”
Other participants in the investment round include former PayPal CCO Gary Marino, former PayPal CPO Mark Britto and Aurum Partners, an investment fund affiliated with the NFL team the San Francisco 49ers.
Existing investors include former England and Manchester United defender Rio Ferdinand.
“This is a huge moment for the team at Sokin and a testament to the product and business they’ve built up. I’m excited to see the business go from strength to strength,” Ferdinand said.
Ferdinand previously acted as an angel investor in credit card startup Yonder.
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