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OFX (company)

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OFX Limited
FormerlyOzForex
Company typePublic
ASX: OFX
IndustryFinancial services
Founded1998
HeadquartersSydney, Australia
Key people
Steven Sargent (Chairman), John Malcolm – (Managing Director)
ServicesForeign exchange
Increase A$147 million (2022)[1]
Number of employees
250
Websitewww.ofx.com

OFX, previously known as OzForex, is an Australian online foreign exchange and payments company with headquarters in Sydney. The company provides money transfer services to individuals such as migrants and expatriates and small businesses as well as providing white-label international transfer services for Travelex, MoneyGram, Xero, Capital One 360 and Macquarie Group.[2][3][4][5][6][7]

OzForex was founded by Matthew Gilmour in 1998 while working as the head of foreign exchange at Bankers Trust.[8] Controlling interest in the company was sold to Macquarie Group in 2007 and partial interest to other investors in 2010.

History

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Foundation and early years

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Founder Matthew Gilmour launched OzForex in 1998 in Sydney, Australia. Gilmour ran the website part-time until 2000 when he left his investment banking job to commit to the company full-time. In 2001, the company launched its first online money transfer facility.[9]

In 2003, the company obtained an Australian Financial Services License.[10]

In 2004, Gilmour sold part of OzForex to Gary Lord, an ex Bankers Trust colleague, and in 2005 sold again so that both were equal shareholders, and they became joint managing directors.

In 2007, Macquarie Bank purchased 51% of OFX and Neil Helm became CEO of OFX.[11]

In 2009, OFX began offering a platform for international money transfers through ING Direct.[12] In June 2011, ING Group announced the sale of its ING Direct division to Capital One for $9 billion in cash and stock.[13] Capital One received permission to merge ING into its business in October 2012,[14] and rebranded ING Direct as Capital One 360 in November 2012.[15]

2010-2015

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In 2010, the group received minority growth investment from Accel Partners and The Carlyle Group. Representatives from both Accel Partners and Carlyle serve on the OFX Board of Directors. The company's founders and Macquarie Private Wealth, which is part of Macquarie Group, together retained significant ownership of OFX, with Neil Helm continuing as CEO.[16]

On 11 October 2013 OFX was listed on the Australian Securities Exchange.[17] In the same year, OFX signed a partnership with global money transfer service MoneyGram in the United Kingdom, providing an account-to-account service through a white label arrangement.[18]

In 2015, investors were informed of the appointment of former ANZ Bank executive Richard Kimber as CEO and managing director of OFX, replacing Neil Helm, who led the company to its $480 million initial public offering in 2013.

In November 2015, OFX received an unsolicited "non-binding indicative proposal" from Western Union to acquire 100% of OFX, however in February 2016 discussions were discontinued.[19]

2015 Name change to OFX

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In December 2015, OFX unveiled the new brand and OFX.com in Australia. This was the first step in a program that would see the group's seven regional brands consolidated into a single global brand.[20] Up until that date it operated a number of different territory specific brands that include UKForex, CanadianForex, NZForex, USForex as well as ClearFX and Tranzfers before a brand consolidation to OFX.[21]

In February 2017 John Malcolm replaced Richard Kimber as CEO.[22][23]

2020-2022 offers and acquisitions

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In March 2020 OFX confirmed that it had received a further unsolicited approach, and the company entered into discussions about potential mergers and acquisitions activity, the details of which remain confidential. However, the discussions were discontinued due to uncertainty in equity markets.[24]

In July 2021, OFX announced a $6.1 million investment in European treasury management cloud software company TreasurUp, the company's largest strategic investment to date.[25]

In December 2021, OFX announced an agreement to acquire Canadian global foreign exchange service provider Firma.[26] The acquisition was completed in May 2022.[27]

2023-2024

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In 2023, OFX collaborated with Shift to integrate OFX's foreign exchange service into the Shift Business Overdraft. This integration allows Shift Business Overdraft customers to make international money transfers within their Shift accounts.[28]

OFX reported revenue of AU$228.9 million in 2023, marking a 45% surge from FY 2022.[29]

In 2024, the European Legends Tour named OFX as their Official FX Partner and title sponsor of the Irish Legends tournament at Seapoint Golf Links in Louth.[30][31]

References

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  1. ^ "OFX 1H23 Financial Results Investor Presentation". 8 November 2022.
  2. ^ "How do I make international transfers?". Macquarie Group. Retrieved 12 June 2022.
  3. ^ "OFX partners with Link Market Services for cross-border transactions". Business News. 18 September 2019. Retrieved 12 June 2022.
  4. ^ Bencic, Emily (28 October 2021). "OFX teams up with WiseTech Global". retailbiz. Retrieved 12 June 2022.
  5. ^ "OFX and Storfund Announce Work Alliance to Support Marketplace Retailers". PRWeb. Retrieved 12 June 2022.
  6. ^ "AVASK OFX partnership". AVASK Accounting & Business Consultants. Retrieved 12 June 2022.
  7. ^ Office, Australian Taxation. "Other payment options". Australian Taxation Office. Retrieved 12 June 2022.
  8. ^ Client trust the key Australian Financial Review 25–28 January 2007]
  9. ^ "From hobby to foreign exchange service". The Age. 14 October 2005. Retrieved 12 June 2022.
  10. ^ Visit page Australian Securities & Investments Commission
  11. ^ "Macquarie acquires 51% of OzForex". Sydney Morning Herald. 18 June 2007. Retrieved 12 June 2022.
  12. ^ "ING to offer overseas money transfers". Sydney Morning Herald. 14 October 2009.
  13. ^ "ING To Sell ING Direct USA to Capital One" (Press release). ING Group. 16 June 2011.
  14. ^ "Conditional Merger Approval" (PDF). Office of the Comptroller of Currency. 17 October 2012. Archived from the original (PDF) on 16 February 2013. Retrieved 15 February 2021.
  15. ^ Ruiz Switzky, Bryant (8 November 2012). "ING Direct rebranded as Capital One 360". American City Business Journals.
  16. ^ Curran, Enda (23 November 2010). "Carlyle, Accel Buy Stakes in OzForex". Wall Street Journal.
  17. ^ "OzForex Group Limited Admission to official List" (PDF). Australian Securities Exchange. 11 October 2013.
  18. ^ Tan, Gillian (10 June 2013). "OzForex, MoneyGram Ink Deal on Money Transfers". Wall Street Journal.
  19. ^ OzForex says talks to be acquired by Western Union fail, shares slump Reuters 9 February 2016
  20. ^ Drummond, Shaun (6 August 2015). "Name change for OzForex, as new chief sets big target". Sydney Morning Herald. Retrieved 12 June 2022.
  21. ^ Russell, Rosie (22 November 2018). "OFX money transfer review - a reliable provider for large transfers". Finder.com.au. Finder. Retrieved 3 August 2023.
  22. ^ Redrup, Yolanda; Willitts, Will (1 February 2017). "OFX Group shares hammered as it revises guidance, names new CEO". Australian Financial Review.
  23. ^ "OFX Announces the appointment of a new Chief Executive" (PDF). ASX. 1 February 2017.
  24. ^ Maria Nikolova (18 March 2020). "OFX confirms receiving unsolicited approach, talks discontinued". Finance Feeds.
  25. ^ "OFX invests $6.1M in TreasurUp to better service SME hedging strategies". OFX. Retrieved 12 June 2022.
  26. ^ "Foreign exchange firm OFX buys Canada's Firma". Australian Financial Review. 20 December 2021. Retrieved 13 June 2022.
  27. ^ "Completion of acquisition of Firma Foreign Exchange Corp - OFX Group Limited (ASX:OFX)". www.listcorp.com. 2 May 2022. Retrieved 13 June 2022.
  28. ^ "OFX international payments integrate with the Shift Business Overdraft". Australian Fintech. 4 July 2023.
  29. ^ "OFX Group Full Year 2023 Earnings: In Line With Expectations". Yahoo Finance. 24 May 2023.
  30. ^ "OFX joins Legends Tour". Legends Tour. 26 March 2024.
  31. ^ Kelly, Paul (26 March 2024). "New sponsor gives Irish Legends event a major boost". The Irish News.
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