Join our Mailing list

Product vision

Sofitto mission is to bring the benefits of the blockchain technology to an average user. Blockchain, mostly known as the backbone technology behind Bitcoin, is revolutionizing how people are sending and receiving money in an easier and more efficient (e.g. cheaper and faster) way. To bring this closer to the reality, we are finalizing a national pilot card product in Estonia together with our partner – LHV bank.

Today, handling blockchain transactions requires special knowledge and care from end users. Sofitto aims to make people using blockchain-enabled transaction as simple as they do their purchases using ordinary bank card. To use an ordinary chip-and-PIN card is by far simpler than to operate a smartphone app. By simply combining “something I have” – the card with “something I know” – the PIN, one will be able to make blockchain payments or funds transfers on the legacy banking infrastructure without knowing anything about crypto currencies.

People around the world can expect their money to work on the Internet in the same open, fluid, safe, global way that content and messages work on the Internet. Ultimately, any money transfer can be enabled by operating an Internet-connected device and a card or just an ATM terminal and a card. More details

How does the Sofitto product solve customers’ problems?

By adopting the Sofitto technology, a partner Bank will address these five unique value proposition points within the huge market of small value transfers:

  • Real-time Transfers & Credit

    Customers are able to receive money in seconds, for the Beneficiary to be able to spend

  • Native Credit

    The money will be natively credited to user’s bank card. Nothing special has to be done. No extra steps like visiting a Western Union office

  • Low Cost for Transfer

    Due to bypassing costs of the conventional Networks

  • Works without smartphones

    Not everyone has a smart-phone. The solution works within the legacy banking infrastructure like ATM/POS terminals. Legacy user experience

  • Wider Acceptance

    The users are not exposed to the complexity of handling crypto currencies. Instead, all the operations are done in regular currencies (EUR, USD etc.) and your card number is recognized as the beneficiary account for a transfer

  • Reduces Settlement Time

    Banks can fulfill and settle international money transfers in real time, while increasing profitability via a reduction in liquidity and operation costs

  • Reduced fraud

    Transparent and immutable data on the distributed ledger can reduce fraud, provide automated compliance, monitoring and audit procedures

  • Reduced costs

    With fewer participants and less manual intervention enabled by smart contracts

  • Open new markets

    With modified cost structure of micropayment

  • Delegated KYC / AML

    No name cards are distributed via partner retail networks with the over-the-counter KYC. Automated AML limits and checks using smart contracts

Benefits of Sofitto for Financial Institutions


Alexander Vasylchenko

Alexander Vasylchenko

CEO, Co-founder

Technology Executive launching Blockchain products since 2011 at Mycelium, GridSingularity, Cashila

Nikita Schmidt

Nikita Schmidt

Co-founder, Embedded and Security expert

20 years experience in hacking all type of protocols and doing magic with micro chips: Sensorix, Mycelium , Dyson

Igor Ruzanov

Igor Ruzanov


Full stack developer with 12 years hands on experience in IT and Banking projects for DeutscheBank, TrendMiner, Canon

Lan Filipič

Lan Filipič


Experienced management consultant, who has delivered projects in financial services for Deloitte and A.T. Kearney

Sofie Van Wassenhove

Sofie Van Wassenhove

Operations Officer

HR professional with ten years of experience at international companies and organizations in Belgium, Switzerland and Austria

Illia Panin

Illia Panin

Frontend architect, lead developer

Frontend developer and architect with 15 years of experience in projects for Cisco Systems, TrendMiner, Collibra

Giorgi Rostomashvili

Giorgi Rostomashvili

Junior Full-Stack developer

Past experience includes working in a leading Georgian financial institution and US-based startups


Jüri Laur

Jüri Laur

Director, Business development

Head of Payment Services at LHV active in online payment space for more that 10 years, ran Global Payment Operations at Skype

Rain Lõhmus

Rain Lõhmus

Director, Investor, Advisor

Has one of the most extensive investment and entrepreneurial track records in the Baltics across a wide range of industries. Rain co-founded Hansabank, the largest pan-Baltic financial institution. It was sold to Swedbank in 1998. In 1999 Rain founded LHV Group

Get in touch

1 + 0 = ?