UK-based payments company Sokin has acquired Norwegian fintech Settle Group AS (Settle) for an undisclosed amount. As a result, Sokin will use the partnership to improve its tech offering for Sokin Pay.
The move comes months after Sokin received $31M from Morgan Stanley Expansion Capital.
Settle is a payments app that enables consumers and businesses to send and receive money instantly, both domestically and across borders. It was launched in 2010 and now operates across all EU countries.
Through the acquisition Sokin will gain a European EMI license, wgich the company hoeps will strengthen its market presence and unlock new growth opportunities across the region. Sokin aims to make further strategic fintech acquisitions, in order to accelerate its expansion.
Vroon Modgill, CEO & Founder of Sokin, commented: “The acquisition of Settle is a game-changer for Sokin, unlocking new technological capabilities and enabling us to expand our presence in key markets. 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.”
Sokin is currently operating at a transactional volume run-rate of over $4.5 billion annually, and representatives say they anticipate further growth. It integrates with businesses across a wide range of verticals, from freight and logistics to Premier League football clubs.