SONECT (Accelerator)

Company Description: SONECT enables every shop in the neighborhood to act as a “virtual ATM” using just a smartphone or its POS-system. It democratizes the process of cash distribution in order to reduce the “cost of cash”.SONECT is a location-based matchmaking platform that connects those who want to withdraw cash with those who want to deposit cash – typically a local shop owner. It builds a community around local businesses and helps them generate physical leads.Using SONECT:• local shops will not only have less cash to manage at the end of the day but also earn a commission & attract new customers by offering a new service and having access to an additional marketing channel• individuals can avoid an extra trip to the ATM and withdraw money without fees at the click of a button – wherever they are: in a restaurant, a bar, their favorite local shop, …• banks can reduce ATM operation costs & complement their ATM network – or even enter new markets without investing significant capital.