60-second start-up: Vida FX

0-5 seconds: Sum your business up in a sentence

The cheapest, safest, quickest and easiest way of getting travel money.

5-10 seconds: What's the business model?

We trade on live market rates and add a small buffer on to the rate we offer our customers.

10-15 seconds: Who are your competitors?

Travelex, Caxton, Fair FX

15-20 seconds: What's your USP?

We keep our rate consistent with the live market rather than doing a daily rate, so we can keep a tighter margin. We're the only company to be run by travellers rather than people in suits, so we're always looking out for the customer. Oh, and we also plant a tree for every card purchased.

20-25 seconds: How have you funded it so far?

Family, friends and fools (albeit very astute fools).

25-30 seconds: What were you doing before?

I have another start-up called Student Money Saver where I am a co-founder.

30-35 seconds: Where did the idea come from?

I went travelling for six months after I graduated and just thought there had to be a better way of using money abroad, and there wasn't.

35-40 seconds: What's the smartest thing you've done so far?

Starting my own business. It's addictive, I love what I do. People think you're taking a huge risk, but at least I'm in control of that risk.

40-45 seconds: What's the stupidest?

Going surfing without a leash in Mexico. I nearly drowned.

45-50 seconds: If your business was a biscuit, what would it be?

Tim Tam's. A chocolate biscuit that originated in Australia and is going to take the world by storm.

50-55 seconds: Which idea are you a bit jealous of?

Google. I don't think people quite realise it yet, but its changed humanity. Anyone, anywhere in the world can access information on any topic they want. It's the catalyst to the incredible rate of innovation that we are currently going through. However, our education system needs to catch up and embrace the fact that kids don't need to be able to memorise every King of England, as Google can tell them in a second. They need to be able to think laterally, solve problems, learn how to adapt to situations - things a robot or piece of software can't do. Oh yeah, and it has a turnover of $40 billion a year.

55-60 seconds: Where are you going to be in 12 months' time?

Starting to show the potential of VIDA, this is only the start.

For more information visit - http://www.vidafx.co.uk/

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