Coindrum recently enjoyed success at the 1776 event at the NDRC event* (see tweet below), winning a trip to the US based upon their product.
— Coindrum (@Coindrum) February 28, 2015
Describe the company – the elevator pitch …
Coindrum operates self-service machines in airports that passengers use to convert unwanted coins into duty free retail vouchers. Not only does it solve your coin inconvenience when flying to countries with different currencies, but it also gives you 10% free extra shopping credit in the process. On a b2b level our value proposition to the airport retail industry is simply that as a byproduct to using the service significantly more people start shopping in the airport, outspending their vouchers by a healthy multiple at the tills. Win-win!
How are you different?
Our service is the first of its kind in an airport space. There is a real vacuum in the market is as people are actively walking around trying to get rid of their remaining coins before they fly. We have also partnered with some amazing charities so that a donation option on our touch screen can turn our machines into a ‘one stop coin solution’ for airports.
It turns out that people are actually very keen to cash in on the value of the coin jars they have at home. Banks don’t want them and other coin processing services charge huge fees which customers aren’t willing to pay.
We offer 10% free credit on top of what’s deposited, rather than charging a commission, which meant that suddenly customers were bringing their coins from home to the airport next time they were travelling to buy something in duty free.
Why will the company / product do well?
All affected parties stand to benefit from our solution – travellers, airports, travel retailers and of course ourselves. We offer a very clear benefit from each perspective and our recent launch in Dublin Airport has proven the huge potential of the model.
Having such a successful case study is a powerful tool, we should be in all major airports worldwide and are now in the business of spreading the word in the industry to repeat the success internationally.
Where are you based?
We are working out of our investors office in Barrow Street, Silicon Docks!
When was the company launched?
Coindrum was founded in late 2012, just a student with a slide deck at the time.
What have been your biggest wins to date?
We raised two rounds of investment with Declan Ryan, the co-founder of Ryanair, as our lead investor. We also brought together an amazing team and secured partnerships with market leading technology companies to build an amazing product.
Since then we have signed Dublin Airport and launched the service with some very exciting trial results. Our second airport went live straight after and we are now gearing up for global expansion.
What type of people (market segment) are you trying to attract to your product?
We target airline passengers in the departure gates of international hub airports, especially the ones that are traveling to different currency countries. Although we actually learned that people love to use the service for it’s convenience and the extra 10% regardless of where they are flying, even bringing in their coins from home.
Tell us about your team? (which roles did you fill first, which later on? Why?)
My background is in business and I founded the company without a co-founder. Only now that our first projects are live have we started recruiting. Generally I think you need people around you that can be a sounding board and ideally have relevant experience.
However, because I had such a strong board and was working in my investors office with his team and several invaluable advisers, I just powered through. It’s definitely time we ‘officially’ grow the team and I am actually currently looking for a Business Development Executive (see details at www.coindrum.com), in order to help me scale the business.
What are you long term plans for your product / company?
I am working on partnerships with the main airport retail chains as there is only a few players dominating the market and securing roll out contracts into their portfolio airports is an attractive way to scale Coindrum.
The solution is a proven category growth opportunity for airports and we won’t run out of those for quite a while!
What are your favourite tech gadgets?
I do like my tech gadgets, although my current favourite item doesn’t fall into that category. I had the first ever coins accepted by Coindrum turned into cufflinks, those are currently top of my list.
Check out our website www.coindrum.com to watch a short video pitch and feel free to follow us on social media.
Most importantly of course – do visit us next time you fly from Dublin Airport, T1 Departure, end of check in row 4.
How can people contact you?
If you would like to have your company featured in the Thursday edition of the Irish Tech News Business Showcase, get in contact with me on [email protected]