Press Release: March 21, 2019
March 21, 2019 - Knightsbridge Foreign Exchange’s CEO Rahim Madhavji faced the dragons with his business pitch—and received a $1 million offer from two dragons on CBC’s Dragons’ Den Season 13, Episode 20. Watch the episode here.
Knightsbridge FX is a Canadian-based foreign exchange company that offers up to 2 percent better currency rates to its customers compared to Canadian banks when buying or selling US dollars. In his pitch, Madhavji’s ask was for $1 million. The company already has several millions in sales and is a GROWTH 500 and PROFIT 500 company.
With a solid business model, he proposed the partnership in order to expand KnightsbridgeFX domestically and into the United States. When Arlene Dickinson, president and CEO of Venture Communications, asked Madhavji why he was there when he’s already making a ton of money, he replied: “Most Canadian companies grow at a slow, small pace, and at the end of the day, it’ll take me 20 years. I’m looking for your help to take it to the next level.”
The dragons are top Canadian entrepreneurs and business investors Arlene Dickinson, Jim Treliving, Lane Merrifield, Manjit Minhas, Vincenzo Guzzo, and Michele Romanow, some of whom showed interest in KnightsbridgeFX.
Romanow, cofounder of Clearbanc, offered to invest and introduce Madhavji to Silicon Valley investors with an interest in investing in FinTech. In the end, four out of six dragons negotiated terms with the KnightsbridgeFX CEO, with one final offer on the table. Dickinson and Romanow partnered on air in a deal that would give Madhavji and KnightsbridgeFX $1 million for a 30% stake in the company. Madhavji agreed, saying, it was “a huge risk, a huge reward. I’m very happy.”
Watch Dragons’ Den Season 13, Episode 20 to see the full Knightsbridge FX pitch.
About Knightsbridge Foreign Exchange
Knightsbridge Foreign Exchange provides better-than-bank currency exchange rates to Canadians. Knightsbridge Foreign Exchange reviews traditional bank exchange rates every morning and ensures its exchange rates are better for its customers. Visit KnightsbridgeFX.com to learn more.
About Dragons’ Den
DRAGONS’ DEN is one of the most successful Canadian unscripted programs and is currently in its 13th season. In addition to its success on air, DRAGONS’ DEN is also a hit online, boasting an active and engaged online community and averaging more than 450,000 page views per month. Full episodes and exclusive behind-the-scenes content can be viewed at cbc.ca/dragonsden. DRAGONS’ DEN is filmed at the CBC Broadcasting Centre in Toronto and airs Thursdays at 8 p.m. (8:30 NT) on CBC Television. Tracie Tighe is executive producer and Molly Middleton and Yette Vandendam are senior producers. Dianne Buckner hosts.
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