Just days before its latest equity crowdfunding campaign on Crowdcube is set to close, self-service multi-currency note/coin exchange machine developer Fourex has successfully secured its initial £900,000 funding target from more than 550 investors.
As previously reported, Fourex’s machines use image recognition technology to automatically identify and exchange currencies from more than 150 countries. Before its 2015 crowdfunding campaign, which raised £670,760, Foreex signed contracts with TFL and Westfield to deploy machines into several London Underground stations and high profile shopping centers.
“Fourex provides a highly convenient solution for customers to cash in all their leftover currencies. Fourex has expanded from 12 locations in early 2018 to 66 locations, winning innovation awards from Virgin, Lloyds Bank and Amazon. Fourex revenue has grown by 175% in 2 years, reaching £1.98M & EBITDA -£2.14M. Ongoing expansion is focused on international gateways; airports, rail terminals, ports and high footfall retail locations.”
Funds from the latest Crowdcube round will be used by Fourex to be the interface between cash and digital, and roll out nationwide. Through the campaign, Fourex is offering 3.52% in equity at a £25,000,000 pre-money valuation. It is set to close next week.
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