Fourex provides an innovative self-service kiosk for exchanging 150 currencies in both coins & notes. Already at 66 high footfall locations and growing rapidly, Fourex returns to Crowdcube aiming for the next level; to be the interface between cash and digital, and roll out nationwide.
Fourex was created in 2015 to address the problem of mixed currencies leftover after international travel. The founders developed a self service kiosk with the ability to exchange money from over 150 currencies into cash paid out in major currencies (£, € or US dollars) charging no commission or fees.
Other FX retailers have limited multi-currency acceptance especially for coin. As a result, if the currency is not donated to charities on the plane or spent on souvenirs, most travellers take the currency home to save for their next trip, which likely ends up in a drawer or cupboard. There is approx £2.5bn leftover foreign currency returning to the UK p.a. Fourex provides a highly convenient solution for customers to cash in all their leftover currencies.
Fourex has expanded from 12 locations in early 2018 to 66 locations, winning innovation awards from Virgin, Lloyds Bank and Amazon. Fourex revenue has grown by 175% in 2 years, reaching £1.98M & EBITDA -£2.14M. Ongoing expansion is focused on international gateways; airports, rail terminals, ports and high footfall retail locations. Current partners include TfL/London Underground, Westfield, Intu, Welcome Break, Moto and Roadchef. 153 million passengers at Heathrow, Gatwick and Stansted Airports can have access to Fourex kiosks.