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UK-based business payments start-up Sokin has acquired Norway’s Settle Group for an undisclosed sum, gaining a European electronic money institution (EMI) licence in the process. Settle, formerly known as Auka, operates an app-based payments platform that allows for instant transfers between consumers and businesses across all EU countries. With the acquisition now completed, Sokin plans to use Settle’s EMI licence to expand its presence in key European markets and unlock new growth opportunities. The deal will also enable Sokin to enhance its technological capabilities, particularly in the development of its e-commerce payment gateway, Sokin Pay. This acquisition marks Sokin’s first strategic move since securing a $31 million investment from Morgan Stanley in July. The fintech has seen significant growth since then, with a 51% increase in account openings and a 130% jump in headcount. CEO Vroon Modgill sees this acquisition as the first of many, as Sokin looks to further accelerate its expansion in the payments space. This news highlights the company’s ambition to remove the borders, barriers, and burdens associated with international payments, and its potential impact on the industry as a whole.