Sonect, the pioneer of a virtual ATM network has won two investors; Loomis, a global cash management specialist, and the fintech venture fund SixThirty. Sonect will leverage on Loomis’ expertise and customer-base to accelerate growth.
Sonect's solution converts shops into virtual ATMs thereby reducing the cost of cash distribution for banks and simplifying in-store cash management for merchants via a location-based on-demand service. The solution also helps banks to expand their services into new regions and increases financial inclusion without any significant capital investments.
These are some of the advantages that attract new partners for Sonect. In July, Loomis entered a global partnership with Sonect to offer advanced digital solutions to its customers and build a bridge between physical and digital payments. Today, Loomis extends its collaboration with Sonect by investing in the startup.
Loomis is the specialist in creating efficient cash flow in society and operates across more than 20 countries. Loomis 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.
Sonect joins SixThirty program
In addition to the new investment, Sonect joined the SixThirty go-to-market program, as one of the five participants in the fall cohort and is recognized as one of the most innovative companies worldwide. SixThirty will support Sonect in launching the platform in the U.S.
(Press release/ran)
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