Developed by two South African entrepreneurs, Jeff Paterson and Oliver du Toit, Fourex are a unique type of currency machine that convert both coins and cash, in 180 currencies, into dollars, British pounds or euros.
Fourex uses image recognition technology to sort and recognize money, and getting the technology right was no easy feat. It took the entrepreneurs five years to build the technology and machine.
Since they launched the business in 2015, Jeff and Oliver won $73,000 in prize money from Virgin Media’s “Pitch to Rich” competition, as well as an endorsement from Virgin founder and billionaire entrepreneur, Richard Branson.
And last year, their business also raised over $400,000 on the crowdfunding site, Crowdcube.
Rates are highly competitive, explained Paterson, as the machines don’t charge a fee or commission like normal exchanges. But there is a margin added in for each transaction, he added, which is normal for all currency exchanges and how Fourex generates its profits.
Read the full article at: CNN.com