South African money exchange startup is seeking funding

September 9, 2019 • Finance, Startups, Top Stories

South African money exchange startup is seeking funding

A UK-based business, Fourex, developed by South Africans and with a well-known South African board, has opened its second round of crowdfunding.

South African developed startup, Fourex announced on Monday, 9 September 2019, that it has opened its second round of crowdfunding in a bid to raise just over $1 million.

Fourex allows travellers to exchange notes and coins with various foreign currencies using a self-service kiosk. The kiosks allow travellers to exchange money from over 150 currencies into cash, paid out in major currencies (pounds, euros or US dollars) without paying any commission or fees. Even out of circulation coins and notes are accepted.

According to the company – whose revenue has grown by 175 per cent in the last two years, reaching more than $2.4 million – there are already 67 kiosk locations in the UK and the investment will lead to global expansion.

The kiosks can process 300 coins per minute without the customer needing to separate them. Using high-speed image recognition technology and a database of over one million reference points, the kiosks can exchange both coins and notes in the same transaction using a real-time pricing solution.

“A strong majority of Fourex investors are South African so we believe there will be an appetite to participate in this next round,” says Anthony Rice, Fourex CEO. “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.”

Edited by Jenna Cook

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