“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 and plans to grow its local team to 100 people. Businesses can now receive dirhams into a Sokin AED account, and platform partners gain embedded local payment rails across more than 70 other currencies.

In an exclusive interview with Gulf News Ferdinand spoke of whether he would rather be remembered as a football legend or an entrepreneur. Ferdinand refused to choose. “Both,” he says. “Football was great for my life, and in my second chapter I want to be known even more, hopefully for something that could become bigger than football.”

So what made him choose Sokin? 'Simplicity' he says is what won him over. “Vroon (Sokin founder) explained what, in my mind, was a complicated sector, very simplistically. I’ve seen in many different industries that if you can simplify some sector, you have a huge opportunity to create a big business.” Asked for one word to describe Sokin, he picks “Simplistic.”

The company began as a consumer business before turning to B2B. Ferdinand recalls how the founder handled the switch. “He showed his true worth in that moment when there was a pivot,” he says. “That resilience and that assuredness reinforced why I invested in him.”

The numbers back the story. Businesses move more than $11 billion a year through Sokin’s licences and infrastructure, across 70 currencies and 170 countries. Founded in 2019, the company holds licences in 36 countries and runs eight offices. It has raised over $100 million from investors including Morgan Stanley Expansion Capital and Prysm Capital.

Investment rules to remember

Ferdinand says his role at Sokin goes beyond writing a cheque. He and his team are active in partnerships, he discloses. They developed talks with Manchester United through to contract stage and execution. United announced the Sokin deal on August 14, 2025.

He applies firm rules to his investments. “Don’t get too emotional or attached to the idea,” he advises. “If you’ve got a terrible founder, that idea could be the best in the world, but it won’t work.” He expects failures to outnumber wins, and hopes the winners hit big.

Passion alone does not drive his decisions. “I don’t invest in just things that I’m passionate about,” he says. “I do invest quite cold in terms of what I think is going to make money.” In sport, he is starting a wellness, longevity and fitness business with his wife.

The boardroom has not replaced the pitch. Asked which gets his juices flowing, he does not hesitate. “On the pitch, 100%,” he says.

Dubai appeals to him for its culture of backing entrepreneurs. “What I like about being here in Dubai is that people open up their networks to help,” he notes. The move was also personal. “This is my retirement plan,” he jokes. It was the first time he was not tied to a fixture list, and Dubai became the family’s adventure.