After its successful crowd fund in 2015 which raised more than £670,000 and 243% of the initial target, Fourex are back to seek investment once again in their fast-growing foreign currency business.
With a target of £900k, this round of funding is expected to be even more successful.
Fourex is driving forward with its mission to be the leading multicurrency exchange solution. With its award-winning self-service kiosk that exchanges 150 mixed currencies (including out of circulations coins and notes and changing local coins into notes) into Pounds, Euros or US Dollars with no commission or fees, it continues to offer the public easy and convenient currency exchange across the UK.
Fourex has driven momentum from the last equity raise by expanding to 67 locations and widened its presence in high-footfall retail locations including TfL / London Underground stations, Westfield and other major shopping centres, and Welcome break, Moto and Roadchef service stations. Fourex has built a presence in UK airports including Gatwick, Heathrow and Stansted. Revenue has grown by 175% in the last 2 years. Fourex now has further plans for accelerating into international gateways and popular retail locations with 80 sites expected to be live by the end of this year.
There is still a large untapped market opportunity in cash with £2.5bn leftover foreign currency returning to the UK per annum . 92% of travellers are still taking cash abroad and 55% purchasing foreign currency in a branch location . Cashless payments for domestic spending continue to grow, but cash in circulation is also still increasing . There continues to be a need for a convenient, self-service solution for exchanging funds when and where the customer needs it. Fourex kiosks can process 300 coins per minute without the customer needing to separate them first, and with high speed image recognition technology can exchange both coins and notes in the same transaction. With 150 currencies accepted including low value notes and many exotic currencies, the customer also has the option to donate part or of their entire transaction to a charity partner.
To allow customers increased flexibility to transfer between their physical and digital wallets, Fourex is looking with this latest fundraise to implement the next phase of its innovation roadmap. The focus is to provide a simple and engaging cash to digital interface, by introducing online currency pre-order and options to credit or withdraw, using a digital wallet. This will give the customer freedom to process, pay and deposit their foreign and domestic currency in a simple and convenient way.
As Fourex returned to Crowdcube on the 27th August, Anthony Rice CEO said: "we are very excited about continuing our high rate of growth, and our future plans for the business which this new crowdfund campaign will help us achieve. Not only will we be able to expand our reach across the UK, but also accelerate our plans to move into international markets to drive revenue growth whilst offering our customers new digital conversion options. Our focus is to have our kiosks in the right place at the right time for our customers foreign currency exchange needs. Fourex will continue to be a step ahead with the right products which will enable us to become the primary self-service interface between cash and digital money”