#14 - Kevin McColly, CEO at Coinstar

Join us on this week's episode of the Slice of Finance podcast, hosted by Jared S. Taylor!

Our Guest: Kevin McColly, CEO at Coinstar.

Key Highlights

Kevin McColly's Career Path: From joining Coinstar in 2002 to becoming CEO in 2022, driving the company’s growth and diversification.
Coinstar’s Evolution: Transition from coin counting to a broader range of financial services, including partnerships with fintech companies.
Launch of CINQ by Coinstar: Introduction of a digital wallet aimed at serving cash-preferred customers with modern financial tools.
Focus on Financial Empowerment: Offering accessible financial services to underserved populations, bridging the gap between physical and digital economies.
Insights from Money2020: Leveraging Coinstar's trusted brand and physical presence to collaborate with fintech innovators.

A Visionary Leader at the Helm

Kevin McColly’s journey with Coinstar began over 20 years ago in its finance team, contributing to the company’s significant transformation. Appointed CEO in 2022, McColly has played a pivotal role in Coinstar’s evolution from a coin-counting pioneer to a comprehensive provider of financial services.

Coinstar’s Expanding Horizons

Coinstar, once known for its ubiquitous green machines, has grown far beyond its roots. Initially labeled as a “one-trick pony,” the company diversified through strategic acquisitions, including Redbox, and expanded internationally. Today, Coinstar operates over 25,000 kiosks across eight countries, counting over $3 billion in coins annually.

CINQ by Coinstar: Bridging Cash and Digital Economies

The recent launch of CINQ by Coinstar, a digital wallet introduced at Money2020, marks a bold step into the digital economy. Designed for cash-preferred customers, this platform allows users to easily load cash directly into their digital wallets. The product addresses a significant gap for underserved populations, enabling access to tools like cryptocurrency and other financial services.

“Coinstar’s brand is trusted, with 85% recognition,” McColly noted. “CINQ makes financial transactions seamless for customers who often feel left out of the digital space.”

Coinstar and Fintech: Forging Partnerships

At Money2020, Coinstar explored potential collaborations with fintech companies to enhance its offerings. With over 30 million annual unique users, Coinstar provides an attractive platform for fintechs seeking physical access to a broad consumer base.

McColly emphasized Coinstar’s focus on empowering everyday consumers with practical, easy-to-use financial tools: “We’re looking for products that make our customers' lives easier while fulfilling our vision of financial empowerment for all.”

The Future of Coinstar

While Coinstar remains committed to its core coin-counting business, its future lies in bridging the gap between physical and digital financial services. With a strong brand, extensive footprint, and a loyal customer base, Coinstar is poised to lead the way in modern financial solutions.

As McColly eloquently put it, “Coinstar is so much more than counting coins—it’s about empowering people in a rapidly changing financial landscape.”