Rio Ferdinand announces investment in money transfer firm

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Lucy Ingham
Lucy Ingham
Head of Content
Lucy is Head of Content at FXC Intelligence, overseeing all content and taking deep dives into the trends and data driving changes in payments. Before joining FXC Intelligence, Lucy worked as a… Read more
  • Former footballer Rio Ferdinand, who played for the England national team more than 80 times, has invested in the firm Sokin.
  • Sokin is a new name on the online money transfer scene, and describes itself as the world’s first subscription-based, fixed-fee payment transfer service.
  • Ferdinand said that he had chosen to invest in the company because of the increasing power of digital connectivity to bring people together.

Former footballer Rio Ferdinand has revealed that he has invested in a new online money transfer company.

Ferdinand, who played for the England national football team on more than 80 occasions, will become a shareholder in the firm.

The amount that he has invested has not been disclosed.

Sokin is a particularly unusual company in the cross-border payments sphere.

It charges a fixed cost, but it is also structured around a subscription model.

There are no unexpected costs involved.

This indicates that Sokin’s customers will not pay per transaction.

The service is therefore very different from most online money transfer providers, which charge customers as they go.

For Ferdinand, the appeal of the firm lies in the fact that it is digital in nature.

He said that his experience of communications networks was what alerted him to the power of this technology.

“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,” he said.

Ferdinand also said that he believed that it was common for customers of online money transfer firms to opt for the big names in the sector – but that this didn’t always work out.

He said that Sokin’s offer would help boost “financial inclusivity”.

“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,” he said, describing those who use this aspect of financial services.

“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.”

Sokin’s chief executive officer Vroon Modgill added that the company’s existing staff were “thrilled” to be working with Ferdinand.

Modgill also provided more information about the way that the firm’s innovative business model will work.

He said that “there’s absolutely no reason why customers should accept additional – or hidden – commissions, unexplained costs or repeat charges”.

Sokin was first set up in 2019.

The firm has its head office in London, though it also has satellite offices in 10 other locations around the world.

However, it has not yet given the green light to offer its services to the public.

This will happen later in 2021, the firm said.

Are you thinking about taking the first step on your international money transfers journey, or are you considering switching provider? Whatever your reasons, check out our reviews section here to learn more.


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