“Simplify payments”: Why Rio Ferdinand backed Sokin early
Dubai: Rio Ferdinand wants to be remembered as more than a footballer. The former Manchester United defender says his second career as an entrepreneur could grow bigger than his first. And one of his bets is taking shape with a major move in Dubai. Sokin, the fintech he backed early, has secured a Dubai Financial Services Authority (DFSA) licence. It is opening a new UAE office at One Za’abeel…
Rio Ferdinand, the former Manchester United defender, is aiming to be known as an entrepreneur as much as a football legend. One of his early investments is Sokin, a fintech startup he backed in Dubai. Sokin has secured a Dubai Financial Services Authority (DFSA) license and is expanding its operations in the UAE. The company now offers services in AED and has embedded payment rails in 70 currencies across 170 countries.
Ferdinand invested in Sokin due to its simplicity, praising founder Vroon for simplifying a complex sector. The company has raised over $100 million and has offices in 36 countries. Sokin's growth is backed by numbers, moving $11 billion annually through its services. Apart from his investment, Ferdinand is also involved in partnerships, ensuring his involvement goes beyond financial backing.
He advises against emotional attachment to investments, expecting more failures than successes, but hoping for big winners. Ferdinand's investment strategy is cold and based on potential profitability. Beyond his investment, he is launching a wellness and fitness business with his wife. When asked about his passion, he chooses playing football over entrepreneurship.
Ferdinand chose Dubai for its entrepreneurial culture and the opportunity to build his retirement plan there.
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