London, April 2018
Fourex, the multi-award winning financial technology firm, has announced the successful conclusion of an equity investment round of £3.6m resulting in an increased company valuation of £33m. This positions the firm with a strong capital base as it eyes continental Europe and Southern Africa in the next stages of its expansion strategy. Since its entry into the UK market in 2015, Fourex’s self-service currency exchange kiosks, accepting notes and coins from over 150 countries, have become fixtures in TFL London Underground and rail stations, as well as shopping centres and airports.
Coinciding with the investment round is the appointment of Ashley Head to the board of directors, and the investment and strategic input of Brett Dawson.
Mr. Head was a founder of Datacash which was acquired by MasterCard in 2010. As founder and Chairman of Datacash, Mr Head was successful in scaling the business into a global payments service provider. Mr. Head brings to Fourex vast experience in global payment systems and financial technology within UK and European capital markets. Mr. Head also served as a director of MasterCard.
Mr. Dawson was previously the CEO of technology multinational Dimension Data. During his 12-year term he quadrupled the organisation’s revenue from $2b to $8b, and expanded its global reach from 30 countries to 58.
With the additional capital and strategic leadership, Fourex is eager to capitalise on the vast opportunities presented within the UK, particularly within transportation terminals and retail sector environments. Continuous improvements to the software, user-interface and additional kiosk features have met with good results and positive customer feedback. Further strengthening of existing landlord partnerships, and securing new partnerships for kiosk deployment - enhanced though additional recruitment in the sales division - is a key objective of 2018.
The firm’s preliminary exploration of opportunities in the European market is yielding an encouraging response and Fourex envisages deploying kiosks within France (Paris) in the second half of 2018.
Commenting on the successful investment round, early investor Chris Adelsbach, Managing Director at Techstars UK, said: “This will assist in the firm charting a more aggressive course, allowing it to grow its footprint internationally.” Adelsbach added that the Fourex value proposition was attractive to consumers all over the world.
Should you require more information, please contact:
+44 (0)7471 636481