Lukas Decker, CEO Coindrum, with Matteo Micelli, Lagardère’s Operations Manager in Venice, during the launch ceremony for the new installation at Venice Marco Polo Airport.
Launched in 2014, Coindrum’s innovative solution is now gaining increasing visibility in airports around the world. The Dublin-based company, which turns departing passengers’ leftover coins into higher value travel retail vouchers, achieved unprecedented growth in 2016, adding six new airports to its footprint, including Berlin, Brussels, Milan, Faro, and Venice. “We are doubling our staff numbers to meet demand and are financially backed by the founders of Ryanair, Hostelworld and CarTrawler, as well as the Irish Government,” comments Lukas Decker, CEO Coindrum.
At the beginning of 2017, Coindrum launched a new installation at Venice Marco Polo Airport in partnership with Lagardère Travel Retail. It became the second Coindrum airport in the Italian market, following its recent launch in Milan with Dufry. Lagardère Travel Retail already partners with Coindrum in Belfast, joining other retail partners Dufry, Heinemann, Aer Rianta International, International Duty Free, and Lojas Francas de Portugal in adopting the service.
Indeed, the Coindrum solution aims to address the inconvenience and waste of leftover coins, while also driving spend to retailer tills. “Our service offers a retail category growth opportunity from 0.4sqm of space. We make non-spenders spend and thus significantly and measurably drive sales,” says Decker.
The company’s track record shows that passengers outspend their vouchers by a multiple of ten at the tills, providing an attractive revenue growth opportunity for the retailer. “Coindrum is fast becoming a brand that passengers recognise to offer a convenient service that essentially buys their coins for more than they are worth,” Decker adds. “An unbeatable value proposition that also offers a category growth opportunity to airport retail.”
