09:58 AM EDT, 07/24/2024 (MT Newswires) -- (Updates to add the amount of the investment in the headline and second paragraph.)

Morgan Stanley's ( MS ) private investment platform, Morgan Stanley Expansion Capital, said Wednesday it has acquired a stake in payments firm Sokin through its managed investment funds.

The total investment amounts to $31 million, a Sokin representative said in an email to MT Newswires.

Morgan Stanley Expansion Capital said the investment is expected to support UK-based Sokin's product development and global expansion.

The deal, led by Morgan Stanley Expansion Capital, includes contributions from former PayPal (PYPL) executives Gary Marino and Mark Britto, with Marino set to join Sokin's board, the investment fund added.

Price: 102.58, Change: -0.92, Percent Change: -0.89