South Africans Entrepreneurs In Lead To Pitch Money Exchange Machine To Richard Branson


Two UK-based South Africans have invented a machine that can recognise and exchange coins and notes from nearly every country in the world. They currently have the most votes to pitch their concept to Richard Branson.

Jeff Paterson and Oliver Du Toit are South African-born entrepreneurs in the UK who have spent two years developing Fourex, a self-service currency-exchange machine that allows customers to convert unwanted foreign notes and coins into pounds, euros or US dollars.

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Fourex uses image-recognition technology to identify 150 different currencies, as well as money from the old European currencies. (Deutschmarks, Pesetas, Schillings, etc).

Earlier this year the company signed a contract with Transport for London to install machines in Canary Wharf, King’s Cross and Blackfriars underground stations.

Co-founders Paterson and Du Toit have invested approximately £1million in the company and raised £670,000 through crowdfunding in February, reported Daily Mail.

The two entered “Pitch to Rich”, a competition run by Virgin Business Media, where finalists are allowed the opportunity to pitch their idea to Richard Branson. They have beaten over 2,500 companies to be selected as one of the ten semi-finalists in the New Things category.

The winner of this category will get a £50,000 cash investment, plus mentoring from the Branson Family’s head of investments and Virgin’s investment team.
They currently have over 2,200 votes, making them the top semi-finalist in their category.

But they still need your help and your votes. The top three finalists will be decided on 16 June through votes from the public.

source: south africa

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