Sonect, a Zurich, Switzerland-based fintech startup that is advancing a smartphone ATM, raised an undisclosed funding round.
Backers included cash management specialist Loomis and global fintech venture fund SixThirty.
Sonect is creating a virtual ATM network which makes it possible for any shops to join their platform using a smartphone and dispense cash directly from the cash register. The location-based on-demand service allows its users to withdraw cash everywhere without a physical ATM machine.
The company also allows banks to expand their services into new regions and increases financial inclusion without any significant capital investments.
Sonect is expanding quickly in Switzerland and already preparing for a European rollout and is already planning its intercontinental expansion in 2019.