Sonect
Latest round
- Series A
Last raised
- Oct 2019
Total raised
- $8.9M
Investors
- 6
About Sonect
Founded in 2016 in Zurich, Switzerland, Sonect AG specializes in facilitating cash withdrawals through a mobile application that connects users with a network of partner retail outlets.Sonect primarily offers a cash withdrawal service that allows users to access cash at over 2,300 partner shops across Switzerland, with plans to expand throughout Europe. The core functionality of the service is facilitated through a mobile application, which enables users to register, connect their bank accounts or credit cards, and generate barcodes for cash withdrawals. This innovative solution addresses common pain points such as the inconvenience of locating ATMs or banks, particularly in urgent situations. The target customer base includes individuals who prefer convenience and immediate access to cash, such as urban residents, travelers, and those unfamiliar with local banking infrastructure.Sonect's revenue model is primarily driven by transactional fees generated from cash withdrawals made through its network of partner shops. Customers utilize the Sonect app to choose a withdrawal amount and payment method, culminating in a cash pickup facilitated by scanning a generated barcode at the retailer. This B2C structure allows Sonect to form partnerships with retail outlets that serve as cash distribution points, creating a symbiotic relationship where both parties benefit from increased foot traffic and service offerings. Revenue may also be supplemented through strategic partnerships with banks or financial institutions looking to enhance their service offerings.Sonect AG is focusing on expanding its service offerings and geographic presence. The company is exploring new product developments, particularly enhancements to its mobile app functionality and features aimed at improving user experience. Additionally, plans are in place to expand its network beyond Switzerland to other European markets.650 mn from Italian Angels for Growth is expected to support these initiatives, particularly in building partnerships with more retail outlets to facilitate cash withdrawals.
Who invested in Sonect
6 investors across 2 rounds
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Questions about Sonect
Who invested in Sonect?
Sonect has 6 investors on record across 2 venture rounds. Sign up free to see every VC on the cap table and the rounds they joined.
How much funding has Sonect raised?
Sonect has raised 2 venture rounds. Sign up free to see how much each round raised and the total.
When did Sonect last raise money?
Sonect's most recent round on record is a Series A, in Oct 2019.
What does Sonect do?
Founded in 2016 in Zurich, Switzerland, Sonect AG specializes in facilitating cash withdrawals through a mobile application that connects users with a network of partner retail outlets.
Where is Sonect headquartered?
Sonect is headquartered in Zurich, Switzerland.
Which VCs invest in companies like Sonect?
Among active investors with capital left to deploy, Mundi Ventures, Apis Partners, 7RIDGE and Mouro Capital back financial services companies at Sonect's stage. Their profiles are linked below.
VCs backing financial services startups at Series A
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