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 Travelex, MoneyGram, Xero, ING Direct, and Macquarie International Money Transfers as well as individuals such as migrants and expatriates and small businesses. OzForex was started by Matthew Gilmour in 1998 while working as the head of foreign exchange at Bankers Trust. Controlling interest in the company was sold to Australian investment bank Macquarie Group in 2007 and partial interest to other investors in 2010. 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 starting in 2015.
History
Since OzForex was founded by Matthew Gilmour in 1998, it has grown from being an Australian-based foreign exchange information website to a specialist international payments service provider with a strong presence in Australia, the United Kingdom, Canada, the United States and countries in Europe and the Asia Pacific. In 2007, Macquarie Bank purchased 51% of OFX and Neil Helm became CEO In 2009, OFX began offering a platform for international money transfers through ING Direct. 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. On 11 October 2013 OFX, under the trading name OzForex Group Limited, became publicly listed on the Australian Securities Exchange under the code "OFX". In the same year, OFX signed a partnership with global money transfer service MoneyGram in the UK, providing an account-to-account service through a white label arrangement. In 2015, investors were informed of the appointment of former ANZ Banking Group 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. In December 2015, OFX unveiled the new brand and OFX.com in Australia. "This was the first step in a program that will see the Group’s seven regional brands consolidated into a single global brand". In February 2017, citing "Delivery against the strategy has not consistently met the board or shareholders' expectations", OFX's chairman announced that John Alexander "Skander" Malcolm will replace Richard Kimber as CEO. In March 2020 OFX confirmed that it had received a further unsolicited approach, and the company entered into discussions about potential M&A activity, the details of which remain confidential. However, the discussions were discontinued due to uncertainty in equity markets.
OzForex
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. In 2003, the company obtained an Australian Financial Services License. In 2004, Gilmour sold part of OzForex to Gary Lord an ex BT colleague and in 2005 sold again so that both were equal shareholders and they became Joint MD's. Since December 2015, OzForex is now OFX after a global rebranding announced in August 2015. Since rebranding, customers who visit the OzForex website are now redirected to the primary OFX website.
NZForex
In 2001, the company launched a New Zealand specific brand called NZForex. Since November 2017, NZForex is now OFX as part of a global rebranding announced in August 2015. Since rebranding, visitors to the NZForex website are now redirected to the primary OFX website.
Tranzfers
In 2003, the company launched a general brand called Tranzfers. In December 2015, Tranzfers rebranded to OFX. Since rebranding, Tranzfers users are now redirected to the primary OFX website.
UKForex
In 2005, the company launched UKForex in London. In 2012, the company also established an international payment solution with Travelex in the UK. In February 2017, UKForex became OFX as part of a global rebranding. Since rebranding, customers who visit the UKForex website will now be redirected to the primary OFX website.
CanadianForex
In 2007, the company launched a Canadian brand called CanadianForex in Toronto, Canada. In November 2017, CanadianForex became OFX under a global rebranding of the company. All CanadianForex website visitors will now be redirected to the primary OFX website.
ClearFX
In 2011, the company launched the brand ClearFX for customers in Hong Kong. In November, 2017, ClearFX became OFX as part of a company-wide rebranding. Visitors of the ClearFX website will now be redirected to the primary OFX website.
USForex
In 2012, the company expanded into the US market in San Francisco as USForex. In the same year, the company also launched a travel card. The OzForex Pre-paid Travel Card was withdrawn by OFX and Macquarie Bank on 30 November, 2015. As of December 2016, USForex is now OFX as part of a company-wide rebranding. Customers who visit the USForex website will now be redirected to the primary OFX website.
NZForex Limited is a wholly owned subsidiary of OzForex Limited and is registered as a financial service provider under the Financial Service Providers Act 2008.
Canada
CanadianForex Limited is a wholly owned subsidiary of OzForex Limited. CanadianForex is a Money Services Business as defined in the Proceeds of Crime and Terrorist Financing Act and as such is regulated by FINTRAC with registration number M08560392
Hong Kong
ClearFX is provided by OzForex Limited and is a wholly owned subsidiary of OzForex Limited. ClearFX is licensed as a Money Service Operator with the Customs and Excise Department Hong Kong license number 12-08-00582
