As enjoyable as a trip abroad can be, one of the annoyances that sometimes comes with exchanging currency is you wind up with money that you do not need, but cannot reasonably exchange, as the figure is too small. Irish startup Coindrum believes that they have a solution, allowing travelers to get rid of unwanted coins before leaving the currency section, in order to redeem them at retailers within the airport.
The idea here is that travelers, needing to dump excess change, can do so at a self-service machine before your flight. Having deposited the money, the person will then receive a voucher for 110% of the amount inserted, which can then be redeemed at a shop within the airport. The service is free for the travelers to user, as, like many startups that facilitate transactions, Coindrum has opted for a commission-based monetization strategy, taking a cut whenever the traveler goes to make a purchase with the voucher.
In terms of traction, the startup reports that the concept has proven so popular at its pilot location that some users deposited up to 300 Euro. The startup also noted that partner retailers have seen “a significant increase in the percentage of passengers that shop”, but declined to provide a specific figure.
Coindrum launched in December 2014 at Dublin Airport and has since expanded to Ireland West Airport Knock. The startup’s CEO, Lukas Decker, tells me that they are currently operating with all of the big travel retail chains and that they are planning rapid international expansion, with deals nearing completion that will enable them to move into 15 more countries.
Decker declined to reveal how much total funding the startup has, but stated that their latest round (their 3rd), which they completed in January and which was oversubscribed in just 4 weeks, totaled 2 million Euro and that the group of angels includes Ryanair co-founder Declan Ryan, who was the lead and a third-time backer.