Sonect’s platform is the bridge between digital and physical cash. Sonect enables consumers to access their digital cash at retail locations through Sonect’s platform and withdraw it as physical cash. This helps to reduce cost of cash distribution for banks and simplifies in store cash management for merchants via a location-based on-demand service.
Sonect also helps banks expand their services into new regions and increases financial inclusion without any significant capital investments. The company is already working with some of the leading banks and is preparing for a pan European rollout after a successful launch in Switzerland.
The new partnership is very much in line with Loomis strategy to offer advanced digital solutions to customers and build a bridge between physical and digital payments. Sonect will be able to build on Loomis existing customer base and know how in cash management to make cash available for consumers in many more locations than today. Sonect’s digital solution fits very well into Loomis existing service offerings such as CIT, CMS and SafePoint.
Loomis is a Swedish company with 23,200 employees worldwide, offering tailor-made security solutions from the transport of valuables through cash processing to safekeeping and storage. Loomis' Swiss branch specialises in cash solutions.
“We look forward to working with Sonect to develop this platform and make cash even more attractive and available for consumers across Europe and later on in other parts of the world”, says Patrik Andersson, President and CEO of Loomis.
“Loomis and Sonect truly complement each other. With its expertise and large customer base in the industry, Loomis can help accelerate our growth immensely. Loomis has always been a forward-thinking company who understands the needs of its customers and we are looking forward to working with them closely. With our partnership, Loomis will continue to manage cash in society, while Sonect will provide easy cash everywhere”, says Sandipan Chakraborty CEO & President of Sonect.
Further plans to enter the U.S. market
Prior to winning the new partner, Sonect participated in a 12-week VC FinTech Accelerator in Little Rock by FIS and The Venture Center. As one of the ten particpants, selected out of 280 applications, Sonect and the team report having gained valuable insight into the U.S. market and gathered great interest from the banking community. With a clear roadmap at hand, Sonect plans to launch its solution for the U.S. market latest by early 2019.