UK-based payments firm Sokin, which provides international payment solutions for businesses, has secured $15m in debt funding from funds and accounts managed by BlackRock.

This investment follows a $31m strategic investment from Morgan Stanley Expansion Capital.

Sokin has experienced substantial growth in recent months, including a 51% increase in new account openings since the Morgan Stanley investment in July. The company has also expanded its workforce by 130% and recently acquired Norwegian FinTech Settle Group AS, gaining a European EMI license to further its expansion in the region.

The fresh capital will allow Sokin to expand its market presence, develop new products, and scale its team significantly. The company plans to open new offices in London, New York, Toronto, and Dubai, strengthening its global footprint.

Sokin has garnered support from several high-profile investors, including Gary Marino, former chief commercial officer at PayPal, Mark Britto, former chief product officer at PayPal, and Aurum Partners, the investment fund linked to the owners of the San Francisco 49ers. Additionally, former England and Manchester United defender Rio Ferdinand is among its backers.

Founded in 2019, Sokin aims to remove the barriers associated with international payments. The company enables businesses to transfer, hold, and exchange over 100 currencies through its multi-currency IBAN and local currency accounts, offering a streamlined solution for managing global transactions.

Sokin is currently operating at a transactional volume run-rate of over $4.5bn annually and supports a variety of industries, including freight, logistics, and Premier League football clubs, helping them manage global payments with efficiency and transparency.

Sokin CEO & Founder Vroon Modgill said, “We’re on a mission to make a major impact and become the go-to partner for businesses taking on the global stage. This backing from BlackRock serves as a testament to the strength of our proposition, and the rate in which we’ve managed to onboard new business customers. With this funding, we’ll further elevate our product offering, expand our international team, and break into new, untapped markets.”

Tim Fenwick, director at BlackRock Growth Debt, said, “Sokin has developed a unique and compelling proposition that helps solve major challenges facing international businesses. We are glad to support Sokin’s rapid growth trajectory and welcome them to our diverse portfolio of high-growth companies.”