Currency exchange business Fourex have today won the ‘New Things’ category of Virgin Media Business’ ‘Pitch to Rich 2015’ competition. This victory means that Fourex will receive a £50,000 cash investments as well as prestigious mentoring from the Virgin team.
Co-founder Jeff Paterson pitched his idea to Sir Richard Branson and his judges panel consisting of Justine Roberts, David Gandy, Jo Malone, Jon Oringer, and Peter Kelly. Paterson’s pitch was just under 5 minutes long and was streamed live from London.
Offering a complete world first to the global market, Fourex is set to revolutionise the way the UK exchanges money. Fourex has already enjoyed a series of successes, securing contracts with Transport for London and Westfield shopping centres, as well as successfully overfunding by 240% when they raised money through crowdfunding.
As winners of their category, Fourex will receive many other benefits aside from the £50,000 cash investment. Mentoring from the Branson family’s head of investment, alongside 6 months free electricity from Npower, unlimited travel on Virgin Trains, membership at The House of St Barnabas and financial services provided by ICAEW, are just some of the perks that Fourex can enjoy.
The Fourex idea is simple yet 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 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. 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, Ellenor Hospice and the UK Stroke Association.