Homegrown Success: Scott Hutchings and the Journey of Global Coin Solutions

In 2013, Scott stumbled upon a job posting on LinkedIn for a UK-based currency exchange focused on charity fundraising through leftover foreign currency. When the UK office shut down, Scott found himself at a crossroads. "I was left sitting here saying, what do I do? What do my people do? And what do the charities I've been supporting do?" This pivotal moment led him to establish Global Coin Solutions. 

Scott's decision to start his own company was driven by necessity and a deep sense of responsibility. "If I don't do something, I don't have a job. My people don't have jobs, and the organizations I work with have no outlet for this," he reflects. This realization ignited a passion that would drive him to overcome numerous obstacles and build a successful business from the ground up. 

Starting a business was no small feat for Scott. The learning curve was steep, especially regarding bookkeeping and accounting complexities. "Something as simple as recording revenue became a significant challenge because our commodity is money itself," Scott explains. Despite these hurdles, his determination and belief in his mission propelled him forward. 

With the help of four partners, he secured office space and began building Global Coin Solutions. "Within a year, we outgrew our initial space and expanded within the same strip, customizing it to fit our needs," Scott recalls. This growth was not without its challenges, but navigating them was essential for the company's ability to scale up. 

Scott attributes much of his success to the support and collaboration he found within the Toronto community. Early on, he leaned on his partners, who had experience in starting and running businesses. Later, programs like the World Trade Center Toronto's Trade Accelerator Program (TAP) played a crucial role, especially as Scott looked to expand beyond Canada. 

One of the key turning points for Global Coin Solutions was securing a contract with UNICEF USA for their Change for Good program. “GCS was brand new at the time, and they signed on a one-year deal, which was then extended to an additional five years.” Despite never meeting in person, Scott built a trust-based relationship over phone and email, ultimately managing millions of dollars in donations. "I never met these people face-to-face, and they trusted me to take over their program. That’s huge!" he emphasizes. “We’re now in the second five-year contract with them.” 

Scott's passion for helping charities is evident in every aspect of his work. "If we help even one person, we've succeeded." Balancing this passion with the demands of running a business has been challenging, but Scott's commitment to his mission keeps him motivated. 

During the pandemic, Scott made the tough decision to buy out his partners to steer the company on his own. This decision was necessary for the direction he wanted to take the company.  

Scott's journey offers valuable lessons for aspiring entrepreneurs. His advice? "Perseverance. If you believe in what you're trying to do, keep at it. Collaboration is also key. Working with others can help you go further than trying to do everything alone." 

Global Coin Solutions continues to grow, with exciting plans for the future. While also serving transit organizations nationwide, Scott is particularly enthusiastic about expanding operations globally, starting with Japan, and building a global logistics network. "The concept of building an office in Tokyo was to get people to realize that we're not just a hole-in-the-wall shop. We are someone to seriously consider," he explains. 

Scott's vision extends beyond business growth. He is committed to creating a positive environmental impact by repatriating and recirculating foreign coins. 

"Every year, more and more coins are minted, which takes mining and smelting —processes that are not eco-friendly. By using a process of fundraising to gather this foreign currency, we put people to work sorting it out here at home in Toronto, and then we ship it back to the country it came from so it can be recirculated and reused," he elaborates. 

Scott’s journey from a random job application to leading and scaling Global Coin Solutions demonstrates how perseverance and purpose can build a successful, socially responsible business. Since their inception, GCS has processed over $20 million worth of leftover foreign currency, weighing over 250,000 kg — one coin and note at a time. Looking ahead, he remains focused on innovation and growth. "We're constantly exploring ways to improve our processes, expand our reach, and increase our impact," Hutchings says. 

In an industry often driven by profit alone, Global Coin Solutions stands out for its commitment to social responsibility and sustainable growth. As the company evolves, it continues to prioritize its mission of helping others and creating positive change. Hutchings' experience offers valuable insights for both aspiring entrepreneurs and established business leaders on balancing business success with social impact.