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.
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.
