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.
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.
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:
Juan Camilo Pineda
Co-Founder & Country Manager México