South African entrepreneurs win big in Branson competition
Two South African-born entrepreneurs will share a £1 million (R19.3 million) prize after winning the Virgin Media Business Pitch to Rich 2015 competition.
UK-based Jeff Paterson and Oliver du Toit were one of three winners for their startup business, Fourex, which aims to revolutionise the currency exchange sector, using self-service machines that will exchange both coins and notes from almost any country in the world for cash.
Fourex beat over 2,500 entries, joining Kino-mo, and JustPark as overall winners. chosen by a panel of expert judges led by Sir Richard Branson, co founder of Virgin Group.
Kino-mo, a hi-tech advertising media developer which aims to make holograms an affordable and available solution, won best Startup, while JustPark, an app and website that gives drivers access to over 150,000 parking spaces by connecting them with property owners looking to make money from their underused spaces, won the Grow title.
Fourex won under the title: New Things
Along with the business accelerator prize fund, the winners will receive mentoring and marketing support from Virgin Media Business.
Fourex makes its money by buying and selling currency into the market. “We buy your currency, and by selling it to someone else, we make our profit,” it said.
Users can exchange any amount between £1 and £1000 at a Fourex kiosk.
The group’s founders told Cape Talk radio station that Fourex has already won a contract to install kiosks in the London Underground, while they have also raised R12 million through crowd-funding via 450 individual donations.
Fourex is also in talks with major currency exchange companies about implementing its product in airports around the world.
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