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Norwegian fintech Set was acquired by a UK-based payments company Sokine in a strategic move to improve technological capabilities and expand market presence. Founded in 2010, Settle revolutionized mobile payments in the Nordics with the launch of Norway’s first mobile payment platform, mCASH. Settle’s platform allows consumers and businesses across Europe to send and receive money instantly, simplifying payment processes for millions of people. By integrating Settle’s industry-leading mobile payment solution, Sokin gains access to a European EMI license, expanding its operations and positioning itself for rapid growth.
Settle is an app-based payment platform, launched in 2010, that works in all EU countries. It allows consumers and businesses to send and receive money instantly, both domestically and across borders, providing a seamless and efficient payment solution.
Sokin will obtain a European EMI license through this acquisition, strengthening its market presence and opening new growth opportunities in the region. The agreement demonstrates Sokin’s desire to make new strategic acquisitions in the payments field, in order to accelerate its expansion.
This comes after Sokin received an investment worth $31 million from Morgan Stanley Expansion Capital in July 2024. Sokin has seen significant growth in recent months following this investment, including a 51% increase in openings. accounts and a 130% increase in staff numbers.
Sokin was founded with a simple vision: to remove the borders, barriers and burdens associated with international payments. Today, it enables global businesses to transfer, hold and exchange over 100 currencies with its multi-currency and local currency IBAN accounts, all through one comprehensive platform.
Sokin currently operates with a trading volume of over $4.5 billion annually, with further rapid growth anticipated. It supports businesses across a wide range of verticals, from freight and logistics to Premier League football clubs, enabling them to manage global payments and finances with speed, efficiency and transparency.
“The acquisition of Settle is a game changer for Sokin, unlocking new technological capabilities and allowing us to expand our presence in key markets. This is an incredibly exciting time for us as a company and we anticipate this will be the first in a series of acquisitions, following recent investments which have accelerated our growth. Our goal is to provide market-leading value, an unrivaled proposition and become the trusted partner of businesses on the global stage,” says Vroon ModgillCEO and Founder of Sokin.
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