Sonect is a mobile application that enables users to withdraw cash from over 2,300 partner shops in Switzerland by generating a secure barcode linked to their bank account or credit card. This platform addresses the inconvenience of locating ATMs or banks, providing a straightforward and efficient method for accessing cash anytime and anywhere.
Funding
$13.9M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Finding an ATM or bank branch can be inconvenient, especially outside of business hours or in areas with limited banking infrastructure. Traditional cash withdrawals may also incur fees when using ATMs from other banks.
Solution
Sonect provides a mobile application that allows users to withdraw cash directly from over 2,300 partner shops. Users connect their bank account or credit card to the app, select the desired withdrawal amount, and generate a secure barcode. This barcode is then scanned at a participating shop's checkout, and the cashier dispenses the cash. The platform integrates with TWINT, enabling its users to withdraw cash without an additional app.
Target Audience
The primary users are consumers who need convenient access to cash without relying on traditional ATMs or bank branches.
Features
- Mobile app for iOS and Android
- Secure barcode generation for cash withdrawals
- Integration with TWINT for seamless access
- Real-time map displaying nearby partner shops
- Connection to existing bank accounts or credit cards
- PCI DSS compliant payment processing