Sonect, a Swiss-based fintech platform that allows its users to withdraw cash without a physical ATM, has received an electronic money institution license from the Bank of Lithuania.
© DELFI / Kiril Čachovskij

The license allows the company to provide services across the European Economic Area (EEA).

Sonect Europe, a new company registered in Lithuania this year, will serve as its European headquarters, the government's foreign investment promotion agency Invest Lithuania said.

Founded in Zurich in 2016, Sonect offers a platform that allows its users to withdraw cash from participating cafes, shops, pharmacies or similar establishments using a smartphone.

“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”, states Sandipan Chakraborty, CEO and Founder of Sonect.

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.

“In order to operate in other EEA countries, we could have chosen any European jurisdiction to apply for a licence, but our due diligence showed that in Lithuania this process was the smoothest. We also get to benefit from the direct access to CENTROlink – a convenient gateway to SEPA offered by Bank of Lithuania”, adds S. Chakraborty.

BNS
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