Sonect partners Enso to offer cash withdrawal at shops in Mexico

Sonect continues teaming up with new partners for its upcoming launch in Mexico. Enso, a leading challenger bank in Mexico, is the latest partner of Sonect, and has joined the journey to offer easy access to cash in Mexico.

Many consumers in Mexico are dissatisfied with the financial services offered in the country. Enso is a Mexican fintech that developed a digital bank with a vision to provide the best financial services in Mexico. This year Enso launched a savings account linked to a debit card that allows their customers to withdraw money at any ATM, as well as making purchases internationally.

Although cash accounts for 90% of consumer payments, accessing cash is no easy task for consumers in Mexico. ATMs are considered the most insecure place by Mexicans, and at the end of last year, people in 50,949 towns had to travel more than seven kilometers to access an ATM, which represented 57.7% of the country’s total. 

Through a partnership with Sonect, Enso will be able to expand their ATM network by allowing their customers to easily and securely withdraw cash at shops across the country.

Sonect has already successfully launched its solution in Switzerland and has built the largest independent ATM network in Switzerland within only 18 months. In Mexico, Sonect is working with institutions such as Arca Continental, Yomp! and the Mexican National Chamber of Bakers and Related Industries (CANAINPA) to create the largest ATM network in the country. By partnering with Enso, Sonect is following its defined strategy to create a cross-continental network within Europe and Latin America.

“We are thrilled to welcome Enso as our partner to support the upcoming launch in Mexico. Their vision to provide the best financial services in Mexico goes hand in hand with our plans to create the largest ATM network in the country. It’s a powerful partnership, and I’m very much looking forward to seeing the results of our collaboration,” Sandipan Chakraborty, CEO and founder of Sonect, said.

“Developing the strategic alliance with Sonect contributes to providing an excellent experience to our users, and that will open up exciting opportunities for the development of our business. It’s a partnership we are convinced has a huge potential.“ Ricardo Alarcón, COO of Enso, explained.

About Sonect

Sonect, a Zurich-based fintech start-up, was founded in 2016 and employs 30 people in Zurich, Vilnius, and Mexico City. The start-up provides a platform that makes financial services easily accessible from anywhere. Through Sonect, every cash register becomes an ATM, and thanks to the Sonect app, cash withdrawals are simpler, faster, and more cost-efficient. With over 2300 Sonect shops, Sonect already operates the largest ATM network in Switzerland. 

Investor Relations
Sandipan Chakraborty
[email protected]
CEO & Founder of Sonect

Media Relation
Steivan Pitsch
[email protected]
Head of Marketing Sonect

About Enso

Enso is a leading challenger bank in Mexico. Its first product, launched in May 2019, was a peer-to-peer wallet allowing instant money transfers with no transaction fees involved. In February 2020, the company launched a no-fee savings account linked to a debit card that allows customers to spend and withdraw money anywhere they like. 

The company was founded in June 2018 and since then had the vision to provide the best Mexican financial services. To date, Enso has committed capital from private investors and was awarded by Forbes as a Mexican Promise company for 2020.

Representative

Sebastián Taracena
[email protected]
Head of Business Development

Frank Schwab joins the Sonect Advisory Board

With Frank Schwab, Sonect was able to win one of the most influential fintech and banking experts in the German speaking countries as an advisor. 

As former Chairman of Hufsy and as former CEO of Fidor TecS AG, Frank Schwab has profound knowledge of the market launch of disruptive, digital banking solutions. 

Thanks to Frank Schwab, Sonect gains access to a wide cross-industry network in the German fintech sector. With his many years of experience in the strategic development of future-oriented payment technologies, he will support Sonect in positioning the brand sustainably in the German market. 

Frank Schwab is a strategic consultant, member of the Board of Directors of Gulf International Bank in Bahrain and member of the Risk Advisory Committee of PayU in Amsterdam. He is co-founder of the Frankfurt FinTech Forum, which was founded in 2013.

Quote Frank Schwab

A person wearing a suit and tie

Description automatically generated

“To me, Sonect is the “Uber of ATMs.” In view of the current digitalization in banking and mobile and contactless payment, hardly anyone knows that – in absolute terms – we are still dealing with annually increasing cash volumes. This is a FinTech niche that Sonect already successfully serves in Switzerland.

Quote from Sandipan Chakraborty, CEO Sonect

A person wearing a suit and tie smiling at the camera

Description automatically generated

“We are proud to welcome Frank, a fintech pioneer and one of the most respected people in our sector. Frank joining our advisory board is a vote of confidence in our solution in the German market. With his experience and his network, Frank will play an important role in our international expansion”.  

About Sonect

Sonect, a Zurich-based fintech start-up, was founded in 2016 and employs 30 people in Zurich, Vilnius, and Mexico City. The start-up provides a platform that makes financial services easily accessible from anywhere. Through Sonect, every cash register becomes an ATM, and thanks to the Sonect app, cash withdrawals are simpler, faster, and more cost-efficient. With over 2300 Sonect shops, Sonect already operates the largest ATM network in Switzerland. 

Investor Relations
Sandipan Chakraborty
[email protected]
CEO & Founder of Sonect

Media Relation
Steivan Pitsch
[email protected]
Head of Marketing Sonect

Sonect and Lana to offer easy access to cash in Mexico

Furthering its growth in Mexico, Sonect has entered into a partnership agreement with Lana, a personal finance platform aiming to provide transactional accounts and financial services to gig economy workers throughout Latin America.

Workers in gig economy marketplaces in Latam are often underbanked, having limited access to financial services. Lana, a start-up based in Spain and operating in Latam, is working closely with companies such as the successful ridesharing company Cabify, to unify the workers’ disparate wallets into a single account that would operate as a payment account.

In Mexico, where over 50% of the population remain unbanked, cash continues to account for 90% of consumer payments. However, accessing cash is no easy task for consumers. ATMs are considered the most insecure place by Mexicans and at the end of last year, people in 50,949 towns had to travel more than seven kilometers to access an ATM, which represented 57.7% of the country’s total. Nevertheless, amidst the rise of digital services, convenient access to cash remains a major reason when consumers decide to open an account.

By cooperating with Sonect, Lana will respond to the needs of its future clients and will be able to offer them a fully digital solution for easy, secure and cost-effective cash access at shops across the country.

Sonect has already successfully launched its solution in Switzerland and has built the largest independent ATM network in Switzerland within only 18 months. In Mexico, Sonect is working with institutions such as Arca Continental, Yomp! and the Mexican National Chamber of Bakers and Related Industries (CANAINPA) to create the largest ATM network in the country. Through its partnership with Lana, Sonect is following its defined strategy to create a cross-continental network within Europe and Latin America.

“We are super excited to kick off our Mexican journey with Lana. They are the ideal partner to support our expansion and help us bring our service to a bigger audience. At Sonect, we focused all our forces on expanding internationally in 2020. Signing a partnership agreement with Lana is a significant milestone for us, and it shows that we are reaching our ambitious strategic goal for this year,” Sandipan Chakraborty, CEO and founder of Sonect, said.

“Although Lana and the products offered in its marketplace are fully digital, our customers still rely on cash to pay in traditional retail stores or street kiosks. Our partnership with Sonect is key to providing them with a high capillarity and low cost solution to withdraw cash”, said Pablo Muñiz, Co-Founder and CEO of Lana.


About Sonect
The company based in Zurich was founded in 2016 and employs approximately 30 people. Sonect provides an international platform that makes financial services easily accessible from anywhere. With its platform, Sonect enables cash withdrawals directly at any point of sale. With Sonect, every store can be a virtual ATM and cash withdrawals become simpler, faster and more cost-effective. With over 2’300 Sonect shops, Sonect is already the largest ATM network provider in Switzerland and in the midst of its European and LATAM expansion.

About Lana
Lana is an optimized technology platform, that seeks to provide accessible financial services through technology and with an outstanding experience to traditionally underserved clients in Latam, starting with gig economy workers or collaborative economy. Lana is an incredible product with the potential to become a life-changing company for millions of people in Latin America who currently have no access or are limited in access to financial services. 


For more information, please contact:

Local Representative
Jan Heinvirta
Head of LATAM
[email protected]

Media Relations
Steivan Pitsch
Head of Marketing
[email protected]

Contact Lana
Juan Camilo Pineda
Co-Founder & Country Manager México
[email protected]

Sonect launches its UK activities

Cash withdrawals in the UK have become increasingly difficult: banks have closed down branches due to cost pressure, often also removing their ATMs and as a result, thousands of communities and cash users lost the possibility of accessing cash. The Community Access to Cash Pilot aims to work with a number of communities across the UK to try out and test scalable solutions that help to ensure sustainable access to cash. As part of this initiative a small number of locations for pilot projects have been selected. The pilots will operate for the first six months of 2021. The aim of these pilots is to trial new solutions for cash access which could have wider applicability across the UK. Sonect has been selected as the only solution from outside the UK to participate in the pilot and will implement its service in Burslem, Stoke-on-Trent.  

Sonect converts every till into an ATM. The Sonect app allows customers to withdraw cash directly in the store using only their smartphone. Sonect thus not only guarantees access to cash, but also provides SMEs with a digital service for their customers. Sonect widens the options for people to get cash locally and help businesses to reduce their own costs of depositing cash. Sonect has already successfully launched its platform in Switzerland and has built the largest independent ATM network the country within only 2 years. By participating in this pilot project Sonect underlines its strategy to offer its services internationally. After a successful pilot project in Sweden, the UK is now the second confirmed market entry in 2020, with more European markets to follow by the end of the year.

Natalie Ceeney, Chair, Community Access to Cash Pilot: “One of the aims of the Cash Pilots is to trial innovative ideas which keep cash viable in communities, supporting retailers and consumers alike. Sonect is one of these innovative ideas being piloted, and should help residents and small businesses in Burslem get easier and cheaper access to cash. I welcome Sonect’s participation and look forward to working with them over the next year”

Sandipan Chakraborty, CEO of Sonect “We are thrilled to be the only company from outside UK to join this novel pilot initiative and look forward to solving the diminishing access to cash problem in UK through our innovative platform approach that fosters local cash recirculation”

Ron Delnevo, UK Business Development Director “As a leading UK advocate for cash & Payment Choice, I am delighted to be leading the launch and development of Sonect in the UK. Sonect has a truly innovative approach to cash access, which can genuinely help the public in Burslem and soon around the UK to get the vital cash they use to lead their lives each day”


About Sonect
Sonect, a Zurich-based fintech start-up, was founded in 2016 and employs 30 people in Zurich, Vilnius and Mexico City. Sonect provides an international platform that makes financial services easily accessible from anywhere. With its platform, Sonect enables cash withdrawals directly at any point of sale. With Sonect, every store can be an ATM and cash withdrawals become simpler, faster and more cost-effective. With over 2’300 Sonect shops, Sonect is already the largest ATM network provider in Switzerland and is in the midst of its European and LATAM expansion.

For more information visit www.sonect.net

About the Community Access to Cash Pilots
The Community Access to Cash Pilots (CACP) initiative is working with a number of communities across the UK to trial and test scalable solutions to help keep cash sustainable. The initiative is supported by the banking and finance industry which will provide resources in the form of financing and local staff who understand what is possible, linked to a central team who have the influence to make things happen. The pilot programme is also supported by a wide range of consumer groups and charities, who will also bring their expertise to support the work. The pilots will start in the summer of 2020, and run until the end of June 2021. Pilot communities have been selected by an independent board, chaired by Natalie Ceeney CBE, who led the Access to Cash Review, and supported by a mix of industry, small business and customer representatives. 

For more information visit https://communityaccesstocashpilots.org/


For more information, please contact:

Investment Relations
Sandipan Chakraborty
CEO and Founder of Sonect
[email protected]

Media Relations
Steivan Pitsch
Head of Marketing
[email protected]

Is this now really ‘the end’​ of cash?

Time and time again, people are predicting the end of cash. If you scrolled through LinkedIn recently, you might have seen several articles suggesting why this time it is for real. The reason? COVID-19. So let’s explore together […]

Sonect strengthens its management team

Former CFO of McKinsey Switzerland and Swiss fintech MoneyPark, Patrick Kamm, joins Sonect as CFO & Head of Operation. Steivan Pitsch comes in from Jung von Matt and is named Head of Marketing.

Sonect continues to move at full speed despite COVID-19 and has strengthened the management team for  its international expansion.  

Patrick Kamm has joined Sonect as CFO & Head of Operation. Patrick brings nearly 20 years of experience from both corporate and start-up world. Previously, Patrick was the CFO of McKinsey (Switzerland complex & Africa) and CFO of the successful Swiss fintech MoneyPark that exited to Helvetia in 2017. 

“In the last few years, I had the impression that the large digitalization processes forget about heavy cash users and those who don’t have credit cards. Anybody typically has a smartphone today, road builders in LATAM as well as miners in Africa or farm workers in Asia to name a few, so to still give people access to financial services via Sonect is a great idea.”

Steivan Pitsch has joined Sonect as Head of Marketing. Prior to Sonect, Steivan has worked in management consulting throughout Europe for over 10 years before working for various advertising and branding agencies, developing  numerous international brands during the last 5 years.

Company Description

The company based in Zurich was founded in 2016 and employs approximately 30 people, Sonect provides an international platform that makes financial services easily accessible from anywhere. With its app, Sonect enables cash withdrawals directly at any point of sale. With Sonect, every store becomes a virtual ATM and cash withdrawals become simpler, faster and more cost-effective. With over 2,300 points of sale, Sonect already operates the largest ATM network in Switzerland.

La Banque Migros étend son réseau de retrait

Les clients de la Banque Migros auront dès à présent accès à 2300 nouveaux points de retrait d’espèces. Ce développement du réseau a été réalisé grâce à la collaboration entre Sonect, un prestataire de services financiers, et le bras financier du groupe Migros, annonce ce dernier vendredi.

LesEchos: L’appli qui transforme un commerçant en DAB virtuel arrive en France

Le groupe suédois Loomis se prépare à déployer dans l’Hexagone, via sa filiale française, un nouveau service qui permettra de retirer de l’argent avec son mobile chez les commerçants.

Franceinfo: Nouveau monde. Une application pour retirer de l’argent liquide chez les commerçants

Contre la disparition progressive des distributeurs de billets en zones rurales, une start-up suisse propose des “distributeurs virtuels”, sous forme d’une application mobile pour smartphones.

Sonect helps Migros Bank become one of Switzerland’s largest cash withdrawal networks

Hot on the heels of being recognised as the Next Global Hot Thing at the Digital Economy Award 2019, Sonect has achieved yet another milestone. A new partnership with Migros Bank means around 800,000 clients can now withdraw cash straight from their bank accounts using Sonect.

Migros Bank is one of the biggest names in the Swiss banking sector, and the latest to realise the advantages of the Sonect solution. This new partnership represents a significant step for Sonect in the domestic market, paving the way for further expansion in Switzerland to complement the company’s growth on the international stage.

It has also seen Migros Bank add a further 2,300 locations to its cash withdrawal network, taking the total to over 4,000. Using an app, Migros Bank clients can now withdraw cash at the cash register, including in stores that are not part of the Migros Group.

The amount withdrawn is debited directly from the client’s Migros Bank account. Clients can withdraw cash in k kiosk branches, Volg stores, Agrola petrol stations and at many other stores that are also offering this service at their cash registers.

This partnership underscores the benefits of the Sonect platform, which aims to create a win-win situation for banks, shops and customers by leveraging a crowd sourced cash infrastructure.. In just a very short time, Migros Bank has been able to expand its network of cash withdrawal points by 50%.

A cost-effective and practical alternative

Sonect will remain free for Migros Bank clients until the end of April 2020. From 1 May 2020, based on the services being used, a fee of CHF 0.99 per transaction will be charged to the client. However, Sonect will still be a significantly cheaper option than using an ATM at another bank and make it considerably easier for clients to access their money with a large network of convenient locations. ATMs at other banks charge a fee of CHF 2 per withdrawal.

Linking your account to Sonect

In order to use the Sonect network, Migros Bank clients must first install the Sonect app on their smartphone and then add their Migros Bank account. Clients can link their account to the Sonect app using their Migros Bank E-Pay ID.

“We are proud to have added such a prestigious name as Migros Bank to our platform. We are convinced that the addition of this service will create real added value for our new customers.” 

Sandipan Chakraborty, CEO and founder of Sonect