Dubai: Global fintech firm Sokin has secured a Dubai Financial Services Authority (DFSA) licence, and has opened a new UAE office at One Za’abeel. The company plans to grow its local team to 100 people and has formed a strategic partnership with Seed Group.
This allows the businesses clients to now scan and receive dirhams into a Sokin AED account. Platform partners gain embedded local payment rails to move money into and out of the UAE, and across more than 70 other currencies, for their clients.
The numbers behind the move are sizeable. Businesses move more than $11 billion a year through Sokin’s licenses and infrastructure, spanning 70 currencies across 170 countries. The company holds licences in 36 countries and runs eight offices. Founded in 2019, it has raised over $100 million from investors including Morgan Stanley Expansion Capital and Prysm Capital.
Setting the base right
Vroon Modgill, Sokin’s founder and CEO, insists the UAE is no side project. “This is not a satellite office for us,” he says in an exclusive interview with Gulf News. “We have a proven business model and we’re doing 100 per cent year-on-year growth.” He adds that Sokin aims to double its transaction flow next year.
The team in the UAE stands at about 65 people, Modgill discloses.
