If you haven’t heard of Fourex yet, you soon will. This new innovative machine is the latest development in currency exchange. There is £3 billion in unused foreign currency, and over a billion people travel internationally each year. Fourex was launched with this in mind. About to hit several stations on the London Underground network, Fourex is uniquely positioned for instant exposure to millions. Fiercely efficient, and extremely convenient, Fourex is the machine everyone must know about. BRIC Plus News sat down with Jeff Patterson and Oliver Du Toit, the founders of Fourex to discuss their new invention, and how it could change the game in currency exchange.
What is the philosophy behind Forex?
The philosophy behind Forex is the regeneration of leftover money that everybody seems to have at home. We came up with the idea because both of us had draw loads of money we couldn’t exchange. In essence it was worth something, but nobody was willing to exchange it. Everybody is quick to sell you the money to go away, but there’s no way to exchange it, and everybody seems to have the same problem. We do all the pre-Euro currencies. We even do pre-Euro coins from Ireland, Germany, and Spain.
You’ve won the ‘Pitch To Rich’ competition. How would you describe your feelings?
That was fantastic. We beat out 2700 other companies to win the ‘New Things’ category, and that was just phenomenal for us. That gave us such great exposure.
When did Forex start?
Forex started about three years ago, with the initial development of an idea, which we took to the first stage, with recognition of the coins. We went back to the drawing board, and did notes. So this machine that you see before you is the third generation, and there’s a fourth generation just around the corner. So we continue to develop and integrate new technology. The technology in the box scans coins in a tenth of a second. It’s cutting-edge technology.
What can we expect from the fourth generation of the Fourex machine?
Social media interface, whether it be your mobile, or tablet. We’re focusing a lot on scanning technology for passports, but we’re still basically a cash-to-cash system. We’re a cash company, and there will be new developments, in that arena, in the future.
Why did you choose London as the main starting point?
It was a no-brainer. We’re here because of the footfall. We are blessed in getting a short agreement with TfL – that is the cornerstone of our business. They’re the jewel in the crown. Anywhere else in the world, it’s recognised. If you go to Moscow they will ask the question “are you with Tfl?” It’s a ticket of approval worldwide.
What’s next for Fourex?
TfL (Transport for London) are very important to us, they’re a double goal. To establish in the market, and bed down the UK with their help. We’re putting in a couple of machines now, we’ll then monitor, [and]look at the demographics. With ‘Pitch To Rich’, we’ve been exposed to international franchising opportunities, in South Africa, UAE, Saudi Arabia, Russia, Japan. So there are many opportunities which we’ll then start to grab hold of in the first quarter of next year.