Sonect, a Swiss fintech startup, announced on Monday it recently received investments from cash management specialist Loomis and global fintech venture fund SixThirty. The company also reported it has formed a partnership with Loomis, which will help accelerate Sonect growth with its expertise and large customer base. Meanwhile, Sonect was selected for the SixThirty go-to-market program.
Founded in 2016, Sonect describes itself as a company that converts every shop into a “virtual ATM,” which reduces the cost of the cash distribution for banks and eases up in store cash management for merchants through a location-based on-demand service.
“Sonect builds a community around local businesses and helps them generate physical leads while banks save up to 50% in running their ATM operations and optimize their presence. Sonect also helps banks expand their services into new regions and increase financial inclusion without any significant capital investment.”
Speaking about the investment from Loomis, Sandipan Chakraborty Founder & CEO of Sonect, stated:
“Loomis and Sonect truly complement each other. With its expertise and large customer base in the industry, Loomis can help accelerate our growth immensely.”
Sonect added it was one of only ten startups selected for the recently completed 2018 VC FinTech Accelerator, sponsored by FIS. The company reported that being one of the selected companies it received a monetary investment along with in-depth mentoring and feedback from FIS executive leadership and leading financial institutions. In its third year the “VC FinTech Accelerator” program drew 281 applicants from 47 countries.