Member Article

London innovative startup Fourex into Pitch to Rich semi finals

Fourex, a London-based startup, has celebrated winning TFL and Westfield contracts, triumphant crowdfunding, and is now on the short list for Richard Branson’s Pitch to Rich competition.

Founded by entrepreneurs Jeff Paterson and Oliver Du Toit, Fourex has beaten over 2,500 other products and businesses to make it through to the final ten of Virgin Business Media’s ‘Pitch to Rich 2015’.

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 it 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.

Fourex, which has its manufacturing facility in Strood, has already enjoyed a series of successes, securing contracts with Transport for London and Westfield shopping centres, as well as receiving £671,450 worth of investments through crowdfunding (with an overfund of 244% in under two weeks).

If the general public vote Fourex into the top three between 2nd and 19th June 2015, Oliver and Jeff will be pitching their concept to Sir Richard Branson himself.

Jeff Paterson, Co-Founder of Fourex commented: “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.

“To be in the final ten is unbelievable. It confirms that we’re on the right track and have a product the public can relate to. It’s now down to them to decide whether or not we have an idea worth presenting to one of the world’s greatest entrepreneurs.”

To learn more and place your vote for Fourex in Virgin Business Media’s ‘Pitch to Rich 2015’ competition please visit:

http://www.virginmediabusiness.co.uk/pitch-to-rich/new-things/fourex/

This was posted in Bdaily's Members' News section by Ellen Forster .