Start-up Coindrum close to signing deals as losses rise

Coindrum, a start-up that instals machines at airports to enable travellers to swap unwanted foreign coins for retail vouchers, is close to signing new deals that will see its machines in two major European airports.

The company, which earlier this year raised more than $2 million in a funding round from investors that included Ryanair co-founder Declan Ryan, is the brainchild of entrepreneur Lukas Decker.

The start-up scored its first success in late 2014 when Dublin Airport introduced the service. Since then the company has gone on to have its units installed in a number of airports, including Milan Malpensa, Faro and Larnaca airport in Cyprus.

Supply agreement

The company recently reached a supply agreement with airport retailer Dufry, which operates 2,200 shops in 63 countries and it said two major European hub airports are "at signature stage".

Other backers of the start-up include Hostelworld co-founder Tom Kennedy, CarTrawler chief technology officer Bobby Healy and Suretank founder Patrick Joy.

Recently-filed accounts show accumulated losses for Coindrum jumped last year rise from €71,654 to €207,330 in 2015.

A spokeswoman for Coindrum said the accounts “have very little relevance as they don’t reflect our current situation and potential”.

“We are well funded to support our growing ambitions and [are] only at the beginning of the scaling process,” the spokeswoman said.

Coindrum, which is a finalist in the Irish Times Innovation Awards, instals its machines in airport departure halls with vouchers issued redeemable only in airport retailers.

“Airport passengers love using Coindrum, as their leftover coins have no value to them once they depart. Not only is this inconvenience addressed but their vouchers also include extra free credit to shop in duty free,” said Mr Decker.