Sonect Signs an Exclusive Business Agreement with Loomis for France
In France, access to cash is a key factor in the regional development with a phenomenon of banking desertification that is increasingly affecting rural and peri-urban areas. According to the survey carried out in 2020 by the IFOP for USP valeurs, 97% of the mayors surveyed favored the cash payment method in their municipalities. They see it as an essential means of maintaining economic activity and the local network. On January 13, 2021, Loomis and Sonect signed an exclusive agreement that reserves the business rights of the Swiss Fintech services to Loomis in France.
Thanks to the geolocalisation sytem developed by Sonect, people who would like to withdraw cash are connected to local merchants with cash excess through their smartphone. This new service allows the cash to recirculate in areas without ATMs. “The Sonect ATM is an innovative service that complements our offer and meets the challenges of simple access to cash. It’s a solution that benefits the merchants, who receive a commission and increase their attractiveness, as well as individuals who finally have access to cash in areas not served by banks,” says Michel Tresch, President of Loomis France.
In just a few years, Sonect has become the leading ATM network in Switzerland. Thanks to this agreement, the fintech company is able to establish itself throughout the country by relying on Loomis France’s 60 branches. “With this partnership, Sonect confirms its commitment to international expansion, particularly in France. This agreement enables us to offer our services to the retail and banking sectors at a national level. Loomis as a leading player in fiduciary security is the ideal partner for us.” added Sandipan Chakraborty, CEO of Sonect.
The company based in Zurich was founded in 2016 and employs 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 2’500 Sonect shops, Sonect is already the largest ATM network provider in Switzerland and in the midst of its European and LATAM expansion.
About Loomis France
Loomis France, chaired by Michel Tresch, is a fiduciary security operator, a subsidiary of the Loomis Group (400 branches in 23 countries; 64 locations in France; 25,000 employees worldwide including 4,400 in France).
Its two areas of expertise are:
– The transport, processing and management of cash (139 billion euros in banknotes each year) and valuables for more than 6,000 customers in the banking, retail and government sectors.
– The distribution of cash, via physical ATMs for local authorities, and a smartphone application that enables customers to withdraw cash from a retailer.
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