Swiss fintech Sonect gets a financial boost from Loomis & SixThirty
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Sonect, the Swiss startup aiming to democratize the process of cash distribution by pioneering a virtual ATM network, welcomes cash management specialist Loomis and global fintech venture fund SixThirty as new investors. Furthermore, Sonect successfully completed the 2018 VC FinTech Accelerator program by leading financial technology provider FIS.
After entering a global partnership with Sonect, Loomis now extends this relationship by investing in the Swiss fintech. Loomis is a specialist in creating an efficient cash flow in society. The company operates across more than 20 countries and 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.The second new investor, SixThirty, is a leading global fintech venture fund. For the fall program of its go-to-market program, Sonect and four other 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 the Swiss startup in launching their platform in the U.S.
Sonect founder & CEO Sandipan Chakraborty was part of the Venture Leaders Fintech team that traveled to New York in 2017. A program that also helped them connect with their new investors, he says: “Venture Leaders is a program that helps founders expand their vision beyond Swiss borders and amplifies their aspirations to become a global leader. Since the program last year in New York, we have been talking to multiple international partners and investors and are happy to see some of those conversations mature into an investment today.”
Besides, Sonect was one of only ten startups selected for the recently completed 2018 VC FinTech Accelerator, sponsored by FIS. Being one of the selected companies, the fintech received a monetary investment along with in-depth mentoring and feedback from FIS executive leadership and leading financial institutions.
Sonect’s location-based matchmaking platform connects people who want to withdraw cash with those wanting to deposit it, typically local shop owners. This allows individuals to skip the extra trip to the ATM to withdraw cash and shops have less cash to manage at the end of the day. In addition, banks don’t have to rent space for their ATMs and can avoid regular cash replenishment as well as reduce maintenance costs.
