SONECT

Sonect is a Swiss fintech company founded in 2016 and headquartered in Zurich, Switzerland, that operates a location-based cash distribution platform. The company converts retail stores into virtual ATMs, allowing users to withdraw cash directly at participating shops using a smartphone app instead of traditional ATM machines. Through its mobile application, customers can access cash at over 2,300 partner locations in Switzerland and is expanding throughout Europe. The platform creates a three-way ecosystem connecting banks, merchants, and consumers. For financial institutions, Sonect reduces the high costs associated with maintaining physical ATM infrastructure. For merchants including cafes, pharmacies, convenience stores, and bodegas, the service helps reduce excess cash inventory while earning commissions and driving additional foot traffic. For consumers, the service eliminates ATM fees and provides convenient cash access without needing to locate bank branches. The company employs approximately 30 people across offices in Zurich, Vilnius (Lithuania), and Mexico City. Sonect operates as a licensed Electronic Money Institution (EMI) and ensures PCI DSS compliant data processing. The platform has been integrated with TWINT, Switzerland's leading mobile payment app, allowing its 5 million users to access Sonect's cash withdrawal network. The company has raised approximately $14 million in funding from investors including Italian Angels for Growth, Loomis, SixThirty, Plug and Play, and Finnovista. Sonect participated in Startupbootcamp Scale FinTech's Latin America program in 2019 and has established a presence in Mexico City, indicating expansion efforts in the Mexican market. The company announced plans in 2024 for European expansion through a franchise model.