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START-UP OF THE MONTH
Modernising in-store cash management
SONECT aims to change the way people deposit and withdraw cash, by the use of virtual ATMs sprinkled with APIs and blockchain. Founder Sandipan Chakrabort tells IBS Journal all about the company
Tell us about your company – how was it founded?
SONECT converts any shop or individual into a “virtual ATM”, via an on-demand service that allows its users to withdraw cash using smartphones. It disrupts the ATM industry by democratising the process of cash distribution – what Über is to Taxis and AirBnB to Hotels, SONECT is for ATMs.
SONECT is a member of the Swiss National Fintech team and has recently been recognized as the best startup at the globally renowned LendIt conference.
A few years ago, on a snowy Friday evening, I was short of cash to urgently pay a babysitter, and noticed a pizzeria owner putting money in his cash register. While walking to the nearest ATM – about 600m away – an idea was born – why is it not possible to withdraw cash at shops where other people are paying in cash? The idea transformed into a successful startup in less than a year.
What is your business model?
SONECT is a location-based matchmaking platform that connects those who want to withdraw cash with those who want to deposit cash - typically, a shop owner. This way, the shop owner not only reduces his cash management but also earns money and increases footfall. Consumers can withdraw cash at the click of a button on their smartphone wherever they are and banks can save up to 50% in running their ATMs while generating new revenue. As branchless transformation gains importance with most retail banks, SONECT provides a perfect solution that helps reduce physical presence, yet brings the bank much closer to their customers.
SONECT operates in a B2B2C model selling the platform and services to the banks. The partner banks distribute the product first to the SME customers of the banks like local bakeries or pizzeria owners and then later to the retail banking customers of the same bank. A network effect kicks in as the number of partner bank grows in a country and internationally.
www.ibsintelligence.com | © IBS Intelligence 2017
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