t: @sonect

Li: Sonect

Founders: Arindam Bajpayee, Rik Krieger, Sandipan Chakraborty

Founded: 2016

Keywords: Cash, ATM, Payments, Deposits, financial inclusion

Who is it for: Retailers, banks, consumers

Latest funding: Venture Round, Nov 2018 - SixThirty

HQ: Zurich, Switzerland

“Connecting people who have cash with people who need cash.

For many in Europe, cash is still king. Sonect converts shops into a “virtual ATM”, reducing the cost of cash distribution for banks and easing in-store cash management for merchants via a location-based on-demand service. 

Users of the platform can withdraw cash, deposit and transfer cash at any participating shops using a smartphone - be it a café, a pharmacy, or any other place that accepts cash, globally.

Sonect builds a community around local businesses and helps them to generate physical leads. Banks save up to 50% in running their ATM operations and expand their services into new regions and increase financial inclusion without significant capital investment.