Sonect operates a cash pickup service that lets any participating retailer become a cash withdrawal point for customers, enabling merchants to offer new services and helping banks reduce cash-management costs. The app connects customers to nearby affiliated stores for withdrawals and positions Sonect as an alternative to traditional ATMs. Three years after its establishment the company is the largest ATM network in Switzerland and recently joined the TWINT platform, giving access to over 3,000,000 potential customers. Since joining TWINT Sonect reported a 600% increase in users and a 1,000% increase in transactions in five months. The company is using partnerships with an Italian bank and a commercial network to launch operations in Italy by the end of the year. Sonect also has plans to expand further across Europe and into South America. Sonect operates a platform that matches individuals who want to withdraw cash with merchants willing to accept deposits, turning any participating shop into a 'virtual ATM' accessible via smartphone. The service reduces banks' cash distribution costs—helping them save up to 50% on ATM operations—and drives foot traffic and simpler cash management for merchants. Founded in 2016 and based in Zurich, Sonect has built the largest network of cash withdrawal points in Switzerland and Portugal. The company recently received approval to use its EMI license across the European Economic Area, a step that supports cross-border expansion. Sonect plans to use new funding to expand into additional European and Latin American markets, strengthen its technology, hire talent, and broaden its product portfolio. The platform is positioned around financial inclusion and lower-capital expansion of cash services for banks and merchants. Sonect is a Zurich, Switzerland-based fintech startup building a virtual ATM network that lets shops join the platform via smartphone and dispense cash directly from cash registers. Its location-based, on-demand service enables users to withdraw cash without a physical ATM machine. The platform allows banks to expand services into new regions and aims to increase financial inclusion without significant capital investments. The company has been expanding quickly in Switzerland and is preparing for a European rollout. Sonect was also planning intercontinental expansion in 2019. The company raised a funding round that the article describes as undisclosed. Sonect offers a mobile solution that lets individuals withdraw cash from stores that use its system, effectively turning retailers into virtual ATMs. The app aims to save users time searching for ATMs while helping stores reduce on-site cash and attract new customers. The company is participating in a 12-week VC FinTech Accelerator program in the United States to accelerate product development and go-to-market efforts. As part of the program, Sonect receives mentoring and exposure to financial institutions and potential partners. The program culminates in a Demo Day in Little Rock where startups present to investors, community leaders, and financial institutions. SONECT operates a location-based online platform that enables smartphone users to withdraw cash from participating neighborhood stores, restaurants and delivery services without visiting an ATM. The service lets customers request cash in combination with a purchase, while shop owners act as “Virtual ATMs,” earn fees and reduce cash handling overheads. SONECT aims to recycle cash faster to lower the global cost of cash and to bridge the gap between digital and physical payments. The company is running a pilot with selected stores in Winterthur and Zurich starting in April and plans to expand into the canton of Vaud by summer 2017 with Smood.ch to combine food delivery and cash pickup. SONECT recently closed its first funding round to finance platform development and the rollout. Founder and CEO Sandipan Chakraborty said the company started talks with PostFinance after winning the PostVenture business idea competition in 2015.

Total raised

$89M

Funding rounds

5

Latest round

Equity

Latest activity

Oct 2021