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.
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.
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.
Head of Business Development