Norwegian FinTech Settle Acquired by Sokin
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UK-based payments company Sokin has acquired Norwegian FinTech Settle Group AS (Settle) for an undisclosed amount. This acquisition comes at a pivotal time, following Sokin's substantial $31M funding round from Morgan Stanley Expansion Capital, highlighting the company's commitment to aggressive expansion.
Settle, launched in 2010, brings valuable assets to the table with its robust payments infrastructure that enables instant money transfers for both consumers and businesses across all EU countries.
The integration of Settle's technology will enhance Sokin Pay's capabilities, while the acquisition of Settle's European EMI license positions Sokin for stronger market penetration across the region.
Vroon Modgill, CEO & Founder of Sokin, emphasizes the strategic importance of this move: "The acquisition of Settle is a game-changer for Sokin, unlocking new technological capabilities and enabling us to expand our presence in key markets."
This acquisition appears to be just the beginning of Sokin's expansion strategy. The company has indicated plans for further strategic FinTech acquisitions to accelerate its growth, suggesting a broader consolidation play in the European payments sector.
What a week it's been! After an incredibly packed schedule, I'm looking forward to returning Monday with fresh FinTech insights to share.
Cheers,
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