Morgan Stanley-backed Sokin acquires Norway’s Settle for undisclosed sum
UK-based business payments start-up Sokin has gained a European electronic money institution (EMI) licence through its acquisition of Norway’s Settle Group for an undisclosed sum.
Sokin acquires Settle for undisclosed sum
Formerly known as Auka, Settle operates an app-based payments platform which enables instant transfers between consumers and businesses across all EU countries.
The Oslo-headquartered group holds an EMI licence from the Norwegian Financial Supervisory Authority.
With the acquisition now completed, Sokin says it will utilise this licence to expand its presence in “key European markets” and unlock new growth opportunities across the region.
The company adds that the deal will enable it to “enhance its technological capabilities”, aiding the development of its e-commerce payment gateway, Sokin Pay, specifically.
The start-up goes on to confirm that the deal “demonstrates Sokin’s appetite to make further strategic acquisitions within the payments space” as it looks to further accelerate its expansion.
Sokin secured investment from Morgan Stanley in July this year. The fintech says this $31 million investment has inspired “significant growth” during the months since, including a 51% increase in account openings and a 130% jump in headcount.
CEO Vroon Modgill, who founded Sokin in 2019 to “remove the borders, barriers, and burdens associated with international payments”, anticipates Settle being “the first of a number of acquisitions, following recent investment which has accelerated our growth”.
