17 December 2014 – Dublin Airport signed a partnership agreement today with Dublin BIC assisted start-up Coindrum.
Coindrum provides an innovative solution in airport terminals allowing passengers to convert unwanted coins into airport retail vouchers before departing into different currency jurisdictions, with the use of its Coindrum machine.
The promotional team, including Coindrum’s 26 year old founder and CEO, Lukas Decker, are ecstatic about the positive uptake and customer response. Decker said: “Coindrum will be a welcome addition to any airport. Customers are using the service and love the convenience, we look forward to scaling our operation with our travel retail and airport partners.”
Customers departing the Euro zone from Terminal 1 in Dublin Airport can deposit their Euro coins into the machine and get reimbursed with a voucher that includes 10% free bonus credit. The voucher can then be spent in any of “The Loop” shops behind security checks, which is the airport’s main retail concession. Users of the system then avoid carrying foreign coins at their destination, which might end up unused, whilst airports and travel retailers benefit from an extra incentive for travellers to start shopping. Jack McGowan, CEO of travel retailer Aer Rianta International stated: “Coindrum is a great Irish innovation and the service is very much in line with the extra value we are looking to offer our passengers, as well as helping us to further optimise our retail operation”.
The company took financial backing from Irelandia Investments, the investment vehicle of Ryanair co-founder and aviation tycoon Declan Ryan, who led both investment rounds to date and is a Director in the business. Ryan stated: “Lukas is a top class entrepreneur – there’s no reason in my mind why Coindrum can’t be in every airport globally. Irelandia is delighted to be one of his shareholders”. Other Directors include Declan Fearon, owner of Irish design business Tipperary Crystal, as well as Prof. Frank Roche, chairman of the Dublin Business Innovation Centre and Deputy Principal of the UCD College for Business and Law.
Coindrum has established strong strategic partnerships with market leading technology providers Scan Coin and the Dublin based Escher Group, which made way for a seamless launch of the new customer service. The company has also partnered with several major charities to offer a donation alternative on its touch screens in the near future.
HEREs a video of how it works