Morgan Stanley-backed payments company Sokin has acquired Norwegian fintech company Settle Group AS (Settle) to enhance its technology capabilities and offers, including its flagship product, Sokin Pay. The purchase comes months after Sokin received $31 million from Morgan Stanley Expansion Capital.

Sokin CEO and founder Vroon Modgill highlighted the acquisition's strategic importance: "The acquisition of Settle is a turning point for Sokin, as it will allow us to unlock new technology capabilities and expand our presence in key markets. It is a fascinating time for us as a company. We anticipate this will be the first in a series of acquisitions following a recent investment that has accelerated our growth. We aim to deliver market-leading value, an unrivaled proposition, and become the trusted partner for businesses on the global stage."

Settle aims to be a global payment solution

Settle, a payments solution launched in 2010, is an app-based platform that enables consumers and businesses to send and receive money instantly, domestically and internationally. Available in all European Union countries, Settle is positioned as an agile and efficient tool for managing transactions.

Through the acquisition, Sokin gains access to Settle's European EMI license. This license will strengthen their market presence and open up new regional growth opportunities.

Founded in 2019, Sokin offers a platform that enables global businesses to transfer, hold, and exchange over 100 currencies through multi-currency IBANs and local currency accounts. It currently operates at a transaction rate of more than $4.5 billion annually, and its representatives say they anticipate further growth. Sokin integrates with companies in a wide range of verticals, from transportation and logistics to Premier League soccer clubs.

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