E-money licence obtained in Lithuania for European Expansion

Sonect is the first Swiss FinTech company to obtain the e‑money licence in Lithuania, which will fuel its European Expansion.

Sonect, the location-based match­mak­ing platform that connects people who have cash with people who need cash, has obtained its Elec­tron­ic Money Insti­tu­tion licence from the Bank of Lithuania, which enables the company to operate in all EEA countries. This marks a starting point for pan-European expansion for Sonect.

By matching cash with­draw­al with cash deposit, Sonect builds a community around local busi­ness­es and helps them generate physical leads. It has taken the Swiss FinTech a mere 18 months to become the largest single cash with­draw­al network in Switzer­land and is now ready to enter new markets in Europe and beyond. Sonect plans to replicate its success story in several European markets in the months to come.

As banks around the world are phasing out their ATMs on a massive scale, with­draw­ing cash becomes more and more prob­lem­at­ic. Sonect seeks to solve this issue by allowing customers to withdraw, deposit and transfer cash at any par­tic­i­pat­ing business – be it a café, a pharmacy, or any other place that accept cash.

Lithuania will serve as the European head­quar­ters for Sonect. Lithuania is the optimal hub for European expansion due to the out­stand­ing con­di­tions provided by the Bank of Lithuania, like support, infra­struc­ture, and a fast and reliable process next to the extensive talent pool in Lithuania. Sonect expects to build a team of 20 people in the next couple of years, in addition to the 30 current Sonect team members.

“The EMI licence is a strategic move that perfectly sets us up to expand across the European market quickly. Our success in Switzer­land showcases the need for a solution like Sonect to bring cash with­drawals to the next level. We are looking forward to repli­cat­ing our success in other European markets soon.” Sandipan Chakraborty, CEO & Founder