Recognition and traction for CashSentinel

02.07.2018 16:30
Car

CashSentinel is now recommended as a payment method by Société Générale to the retail clients of the bank on the French market. This marks a significant new milestone in the start-up journey. Speaking of traction, the fintech announced that several other blue-chip customers are expected to come onboard in the next months.

CashSentinel is gaining traction in Europe. The Vaud start-up already processes over 2.5 mio EUR for hundreds of clients every month. This is 5x more than the same period last year. As the company’s CEO, Sylvain Bertholus explains, last year, CashSentinel was processing mainly higher-value transactions (i.e. high-end cars) - but few of them. Since the summer 2017, and the release of the smart-contract engine, they have truly entered the mainstream market - hence their average transaction value has decreased - but their monthly volume now just keeps on increasing.

By the same time next year, the fintech anticipates to grow these figures several-fold again. The start-up has announced that several other blue-chip customers are coming onboard. Some will be in relation to the automotive industry, others related to new domains. For example, earlier this year, the company started a collaboration with Band of Boats, a marketplace launched by Groupe Bénéteau, a world leader in boat-manufacturing.

Sylvain Bertholus is extremely proud of his team. The CashSentinel smart-contract platform was created from scratch, in Yverdon-les-Bains and Lausanne, Switzerland. It is now operated by their two legal entities (Switzerland and France), with teams on the ground in both countries, to secure thousands of contracts and millions of money flows every year - facilitating local and pan-European transactions.

Being recommended an established institution such as Société Générale is a true recognition of the work accomplished by the start-up: satisfying to the security, legal and reputational requirements of a bank for a new payment method can get a bit hairy. And doing so with a platform 100% developed in-house, even more so. In this process, CashSentinel managed to preserve its independence, and therefore freedom to keep innovating and expanding freely, as a startup.

(Press release)

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