Money Exchange startup

Fourex’, a South African money exchange startup has announced it has opened its second phase of crowd-funding in order to raise $1 million. The announcement was made public in order to enable the company to achieve its global expansion service.

The company (Fourex) was developed with the aim of allowing travelers to exchange coins and notes of different currencies with the aid of a self-service, Kiosk. While this service does not require any charges or commission, but, would you be worried about coins! Coins and notes are always accepted. However, kiosk practically allows travelers to exchange money from over 150 currencies into major notes, with the paid out notes in three major currencies namely, pounds, dollars, and Euros.

The money exchange startup was founded by ‘Jeff Paterson’ and ‘Oliver Du Toit’ couple of years ago, two South Africans based in London. It took the duo 18 months to achieve 95 percent accuracy and another 18 months to deploy new technology. While in an interview ‘Oliver Du Toit’ had previously said:

I’ve always been looking for the toothbrush, the product that appeals to everyone”.

Speaking of the company’s achievement, in 2016, ‘Fourex’ was awarded the Duke of York New Entrepreneur Award. And while responding to the award ‘Simon Lincoln Reader’, chief operating officer of the company’s made it clear that it is a complex business, but with the right infrastructure coupled with ‘Fourex’ funding partners and support, the team will achieve its goal.

Currently, the company’s revenue is reported to be around $2.4 million which implies 175 percent growth from the last two years. However, the money exchange startup now has 67 kiosks in the UK, and with expected investment, will result in global expansion.

Responding to the current development, the CEO of Fourex ‘Anthony Rice’ said: “A strong majority of Fourex investors are South African so we believe there will be an appetite to participate in this next round”. Adding that:

We expect to maintain our high rate of growth. We will expand our reach across the UK and will accelerate our plans to move into international markets. New digital conversion options are on the cards and this expansion will drive revenue. Fourex will become the primary self-service interface between cash and digital money”.

Meanwhile, the accuracy of the kiosks speaks amazingly. This kiosks uses high-speed image recognition technology with a database that is capable of processing over a million reference points and is able to process 300 coins per minute without the user needing to separate them, while in another dimension, kiosk will practically exchange both notes and coins in the same transaction with the aid of real-time pricing solution.

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