Loomis is one of the world’s leading providers of cash management solutions. The company operates in over 20 countries, providing services such as cash transit and storage, among others. The industry giant has now entered into a partnership with the Zurich startup Sonect, as was reported in a press release.
Sonect was founded in 2016 and its app allows customers to withdraw cash via their smartphone. An ATM is no longer required. The cash is dispensed next time they buy something in a shop or pay at a restaurant, for example. Retailers will also profit as they receive commission every time they pay out cash.
Sonect’s platform is the bridge between digital solutions and physical cash, Loomis writes in its press release. This is very much in line with the company’s strategy. Through this partnership, Sonect will benefit from the existing customer base of Loomis.
According to the CEO and President of Sonect, Sandipan Chakrabort, this partnership will help accelerate Sonect’s growth immensely. The startup has previously entered into partnerships with Hypothekarbank Lenzburg and the K Kiosk branches of Valora. It has now set its sights on expansion in Europe.
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