Sonect acquires EMI license in Lithuania

Swiss FinTech company Sonect, the location-based matchmaking platform, has obtained an Electronic Money Institution (EMI) licence from the Bank of Lithuania.

The licence will enable Sonect to operate in all EEA countries and marks a starting point for pan-European expansion.

Sonect operates by matching cash withdrawal with cash deposit, by allowing customers to withdraw, deposit and transfer cash at any participating business – be it a café, a pharmacy, or any other place that accepts cash, building a community around local businesses which in turn helps them generate physical leads.

In the span of 18 months, Sonect has become the largest single cash withdrawal network in Switzerland, and is ready to expand globally.

“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,” reads a press release.

“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,” said Sandipan Chakraborty, CEO and founder of Sonect.