Fintech Company Sonect Wants to Supply Europe with Cash

What works in Switzerland at 2,300 virtual ATMs is now to be expanded as a service to all EU countries, by the fintech company Sonect. As is well known, the network of ATMs is shrinking. In Switzerland and in other countries.

If the number of ATMs decreases, other sources for withdrawing cash will open up
For years, the Swiss fintech company Sonect, together with other players, has been ensuring that cash can be withdrawn at kiosks, at checkouts in retail stores, in cafés and at numerous other points. These points become virtual cash machines that replace the decommissioned physical ATMs.

Since the fintech company was founded, over 2,300 locations in Switzerland have come together to provide the desired cash via the Sonect app or Twint. What works well in Switzerland has already been rolled out by Sonect in Germany, Italy and also in Mexico.

Sonect now plans to expand its servcies to the rest of Europe

Sonect now wants to expand its services to the entire European Union. Konstantinos Birtachas, CEO of Sonect, wants to establish the idea and technology of ubiquitous cash withdrawals throughout Europe and says: “Our goal is to bring “virtual ATMs” to every corner of the continent.”

For users, a smartphone with an app is sufficient; the density of the partner network is then crucial in order to be able to obtain cash anywhere.

The fintech company Sonect has not communicated any specific dates and has described the implementation of the EU plans as “soon”. However, Sonect does not want to tackle the EU market alone; the planned concept of expansion via a franchise network should ensure a certain pace.

At the moment, Sonect is looking for franchisees who will build the network of virtual ATMs in their region and bring the necessary partners on board.

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(Featured image by Eduardo Soares via Unsplash)

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