Money exchange business Fourex, co-founded by Australian businessman Oliver Du Toit, has beaten more than 2,500 other products and businesses to make it through to the final 10 of Virgin Business Media’s ‘Pitch to Rich 2015’.
Fourex – which aims to transform the way the world exchanges currency – is now one of just ten brands in Virgin’s ‘New Things’ category. The idea is simple yet arguably genius. Fourex kiosks are able to accept unsorted coins and notes (that are both in and out of circulation) from over 150 currencies, and convert their value into either British Pounds, Euros, or US Dollars. The software within the kiosks is able to process and evaluate each coin in a fraction of a second, distinguishing the service from anything else found in the foreign exchange market, and offers undeniable value for money.
Unlike its competitors, Fourex is able to accept even the smallest denominations, and there are no hidden fees or commissions. This fills the huge gap in the market for the leftover coins and notes found in wallets and purses after holidays that no big company is willing to exchange. The exchange rates are updated daily in line with market trends, and are clearly displayed on their kiosks, enabling complete transparency. Customers also have the choice to donate part or all of their exchange to one of Fourex’s six charity partners – UNICEF, The Railway Children, The Guide Dogs for the Blind Association, The London Transport Museum, EllenorLions Hospice and the UK Stroke Association.
“We have been completely humbled by the interest, excitement and investment we have received so far for Fourex, not only from multi-million pound companies such as TFL and Westfield, but from the 436 people from every corner of the globe who invested through CrowdCube,” comments co-founder, Oliver Du Toit.