Fourex, SA-owned UK fintech startup, takes home top British award

South African-owned UK company Fourex, has been awarded the Duke of York New Entrepreneur of the Year award at the 2016 Lloyds Bank National Business Awards UK.

The company creates kiosks for currency exchange. Users can exchange money from over 150 currencies, paid out in Pounds, Euros, or Dollars, with no fees or commission.

It is funded out of Johannesburg by Genesis Capital Partners.

According to the awards website, “Fourex ticked all the boxes to win the New Entrepreneur of the Year Award, they impressed the panel with how well the concept had been thought through and then executed.”

“Their relentless drive for innovation has culminated in an outstanding product and a deserving winner.”

Speaking to BizNews.com, chief operating officer at Fourex, Simon Lincoln Reader, said the company will be manufacturing 30 kiosks a month, which will add to the five that are already installed in London.

“We’re a bunch of South African guys who at some point in our lives all spent time on the streets of Joburg learning how to deal with situations that are challenging and there’s no ambiguity about it, it is incredibly demanding, it’s a very complex business, but I think that we have the right infrastructure and certainly of our funding partners, the right support,” says Reader.

When asked about entering the competition, Reader said they were advised to enter because of its potential.

“There is a tremendous marketing value that winning the Duke of York New Entrepreneur of the Year brings. That is potentially millions of Pounds in publicity, it’s a wonderful thing for a company that, as I said, our emphasis is upon rollout and manufacture and if we can find someone to do our marketing for us by virtue of the publicity that this generates then it’s a great thing for us.”

“We’re manufacturing British, we are employing British, and we are a bunch of South African guys in London.”