The Swiss FinTech startup Sonect revealed that cash management specialist Loomis and global FinTech venture fund SixThirty recently invested in the company. Loomis entered into a global partnership with Sonect and will help to accelerate Sonect’s growth with its expertise and large customer-base. Furthermore, Sonect was selected for the SixThirty go-to-market program, receiving yet another recognition of belonging to the most innovative and promising FinTech startups from around the world. These investments follow Sonect’s recent successful completion of the 2018 VC FinTech Accelerator program, sponsored by leading financial technology provider FIS.
Loomis joins as investor after announcing global partnership with Sonect
Just recently the global cash management specialist Loomis announced its global partnership with the Swiss FinTech. Now Loomis extends its relationship by coming on board as an investor.
Loomis is the specialist in creating an efficient cash flow in society and operates across more than 20 countries. Loomis offers services from transporting, processing to storing cash for financial institutions and retailers.
“Loomis and Sonect truly complement each other. With its expertise and large customer base in the industry, Loomis can help accelerate our growth immensely,” says Sandipan Chakraborty Founder & CEO of Sonect.
SixThirty selects Sonect as one of the most innovative and promising FinTech
SixThirty is a leading global FinTech venture fund and go-to-market program. SixThirty’s portfolio companies represent the most innovative and promising FinTech companies from around the world. For the fall program, five startups were chosen in close collaboration with SixThirty’s corporate partners, such as Commerce Bank, Enterprise Bank & Trust, Bank of New York | Pershing, and Ernst & Young. SixThirty will support Sonect in launching the platform in U.S.
Besides, Sonect was one of only ten startups selected for the recently completed 2018 VC FinTech Accelerator, sponsored by FIS, which took place in Little Rock, Arkansas. Being one of the selected companies, Sonect 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.
About Sonect
Sonect is an award winning FinTech company from Switzerland creating world’s first virtual ATM network. The service makes it possible for any shops to join their platform using a smartphone and dispense cash directly from the cash register. This reduces ‘cost of cash’ distribution for banks and simplifies in-store cash management for merchants via a location-based on-demand service that allows its users to withdraw cash everywhere without a physical ATM machine. Sonect also helps banks expand their services into new regions and increases financial inclusion without any significant capital investments. The company is expanding quickly in Switzerland and already preparing for a European rollout. Thanks to the immense demand of its solution, the company is already planning its intercontinental expansion in 2019.
SOURCE Sonect SA
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