Global Football Icon Rio Ferdinand Signs for Sokin

Sokin, the new payments-focused fintech, has announced that football legend Rio Ferdinand has become a shareholder in the firm.

Ferdinand, capped 81 times by the England national team and seen as one of the country’s greatest defenders, has had no shortage of post-career opportunities but is particularly drawn by the transformative power of the fintech sector. He’s now keen to combine his punditry role at BT Sport with investments in the fast-moving technology world.

Sokin is the first global payments platform to provide fixed-fee, subscription-based payment service for fast and cost-effective currency exchange with no hidden charges. Starting in June 2021, the company will offer consumers unlimited international money transfers and payments with no mark-up on transactions. Sokin looks to make the process easy – from the onboarding of customers to instant payments – all in its advanced peer-to-peer mobile app.

“I’ve seen first-hand the power that digital services have brought to broadcasting and social media, helping football fans across the world stay connected to watch and discuss the sport together,” said Ferdinand. “I’m interested in applying the same innovation to financial services. Those working overseas and sending money back to family members and communities have really felt the pandemic, with projects cancelled and jobs lost. They usually opt to use well-known brands to send what spare money they have home, but the process is often time-consuming and expensive. The team at Sokin has worked hard to make its user  experience seamless; it’s the right product to increase financial inclusivity in these tough times.”

“We’re delighted that Rio is coming on board as one of our first investors and that he’s excited to be part of our new proposition. The team here is thrilled to be working with him,” added Vroon Modgill, CEO, Sokin. “In 2021, there’s absolutely no reason why customers should accept additional – or hidden –  commissions, unexplained costs, or repeat charges. We don’t pay for every track we download or each film we stream, yet when we’re sending money or making a payment, we’re expected to accept unspecified and variable costs. Why? This has to change, and so we’re changing it, putting transparency at the heart of our service.”

Ahead of launching its services later this year, Sokin has already put in place agreements with key partners, including Mastercard, in Europe, Asia, North and South America. It will work with 35 different currencies and will build up to offer services in over 200 countries.