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Fourex to install currency exchange kiosks in London

The machine can convert 150 different types of currency into US dollars, British pounds or euros.

March 17, 2015

U.K.-based entrepreneurs have created a kiosk called Fourex that can convert 150 different types of currency into U.S. dollars, British pounds sterling, or euros. This will help U.K. citizens convert their estimated three billion euros of unused foreign currency, according to a press release.

Fourex will use image recognition software to identify not only mainstream currency but also pre-euro currency such as the Deutschmark. Fourex is able to accept 300 foreign coins per minute.

Company co-founders Jeff Paterson and Oliver Du Toit have raised 375,000 euros for this project, the release said. They plan to install the kiosks in several subway stations and at the Westfield Shopping Center in London. Currently, the deployment date is set for this summer.