Morgan Stanley has acquired a stake in international payment FinTech Sokin through investment funds managed by Morgan Stanley Expansion Capital.

Sokin, which was founded in 2019, enables global businesses to transfer, hold and exchange over 100 currencies on its platform.

The investment will provide Sokin with capital to enable both product growth and international expansion.

Sokin will continue operating as an independent unit and brand, and the current management team will remain to lead its expansion, with chief executive Vroon Modgill maintaining a material shareholding.

Morgan Stanley Expansion Capital led the transaction and did not disclose any further terms of the acquisition.

Other investors taking part in the deal include Aurum Partners, an investment fund associated with American football team the San Francisco 49ers.

Gary Marino, who is the former chief commercial officer at PayPal, also took part in the investment and will join the board of Sokin.

Existing investors in Sokin include former England and Manchester United defender Rio Ferdinand.

“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.”

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