# Sonect

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/sonect

- Industry: Financial Services
- Headquarters: Zurich, Switzerland
- Website: www.sonect.net
- Total disclosed funding: $8.9M
- Latest round: Series A (Oct 12, 2019)
- Investors on record: 6

## About

Sonect AG is a fintech company that provides innovative cash withdrawal solutions via its mobile app, enabling users to access cash conveniently at various partner shops across Switzerland and beyond.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. The company has successfully completed 8 deals and raised a total of EUR 4.650 mn, with its latest funding round led by Italian Angels for Growth. The founder and CEO, Sandipan Chakraborty, has a background in founding and leading technology-driven ventures, contributing to the strategic direction of Sonect AG.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. The service is designed to operate seamlessly within the retail environment, allowing users to withdraw cash at various outlets, thereby enhancing customer experience through accessibility and speed.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. By focusing on a straightforward transaction model, Sonect streamlines the cash withdrawal process for users while fostering valuable partnerships within the retail sector.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. The recent funding of EUR 4.650 mn from Italian Angels for Growth is expected to support these initiatives, particularly in building partnerships with more retail outlets to facilitate cash withdrawals.

## Funding rounds

- Series A, Oct 12, 2019, $8.5M — Loomis AB, FIS Global, SixThirty, AC Ventures
- Seed, Feb 1, 2017, $0.4M — PostFinance, Swiss ICT Investor Club

## Investors

- PostFinance — Seed
- Swiss ICT Investor Club (https://capitalatlas.ai/funds/swiss-ict-investor-club) — Seed
- Loomis AB — Series A
- FIS Global — Series A
- SixThirty (https://capitalatlas.ai/funds/sixthirty) — Series A
- AC Ventures — Series A