1. History

Since OzForex was founded by Matthew Gilmour in 1998,^[8] 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.^[15]

In 2007, Macquarie Bank purchased 51% of OFX and Neil Helm became CEO of OFX.^[16]

In 2009, OFX began offering a platform for international money transfers through ING Direct.^[17] In June 2011, ING Group announced the sale of its ING Direct division to Capital One for $9 billion in cash and stock.^[18] Capital One received permission to merge ING into its business in October 2012,^[19] and rebranded ING Direct as Capital One 360 in November 2012.^[20]

In 2010, the group received minority growth investment from Accel Partners and The Carlyle Group.^[21] Representatives from both Accel Partners and Carlyle serve on the OFX Board of Directors.^[21] 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.^[21]

In 2012, OxForex launched a travel card.^[22] The OzForex Pre-paid Travel Card was withdrawn by OFX and Macquarie Bank on 30 November 2015.^[23]

On 11 October 2013 OFX, under the trading name OzForex Group Limited, became publicly listed on the Australian Securities Exchange under the code "OFX".^[24] 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.^[25]

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 August 2015, OFX and ofx.com were unveiled in the first step towards consolidating the group’s seven regional brands into a single global brand.

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.^[26]

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".^[27]

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.^[28][29]

OFX launched its Singapore business in April 2018.

In September 2019, OFX announced an exclusive strategic partnership with Link Market Services.^[3] The partnership saw OFX become Link’s preferred partner in Australia for international payments on Link’s Investor Centre platform.^[3]

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.^[30]

In November 2020, OFX announced a strategic alliance with WiseTech to integrate OFX’s payment solution into WiseTech’s CargoWise logistics execution platform.^[4]

In February 2021, OFX was approved as a participant in Amazon’s Payment Service Provider Program.^[31]

In May 2021, OFX announced a partnership with the Reserve Bank of Australia, allowing Australians to pay their tax from an overseas bank account using OFX.^[7]

In June 2021, OFX announced a partnership with Storfund, an ecommerce funder, to integrate OFX’s payments and FX services with Storfund’s platform, allowing ecommerce retailers to receive revenue and make payments in multiple currencies.^[5]

In October 2021, OFX announced a partnership with AVASK, to provide its clients with multi-currency accounts, international transfers and currency exchange services.^[6]

2. OFX Acquisitions and Investments

TreasurUp July 2021

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.^[32]

Firma December 2021

In December 2021, OFX announced an agreement to acquire Canadian global foreign exchange service provider Firma.^[33] The acquisition was completed in May 2022.^[34]

3. OFX Entities

OzForex

Founder Matthew Gilmour launched OzForex in 1998 in Sydney, Australia.^[8] Gilmour ran the website part-time until 2000 when he left his investment banking job to commit to the company full-time.^[8] In 2001, the company launched its first online money transfer facility.^[8]

In 2003, the company obtained an Australian Financial Services License.^[35]

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 MDs.http://52.64.146.33/upload/ozforex-spokesperson-bios.pdf

Since December 2015, OzForex is now OFX^[14] after a global rebranding announced in August 2015.^[36] 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.^[22]

Since November 2017, NZForex is now OFX^[37] as part of a global rebranding announced in August 2015.^[36] 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.^[22]

In December 2015, Tranzfers rebranded to OFX.^[27] Since rebranding, Tranzfers users are now redirected to the primary OFX website.

UKForex

In 2005, the company launched UKForex in London.^[22] In 2012, the company also established an international payment solution with Travelex in the UK.^[22]

In February 2017, UKForex became OFX as part of a global rebranding.^[38][27] 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.^[22]

In November 2017, CanadianForex became OFX under a global rebranding of the company.^[39][27] All CanadianForex website visitors will now be redirected to the primary OFX website.

ClearFX

In 2011, the company launched the brand ClearFX (HKForex) for customers in Hong Kong.^[22]

In November 2017, ClearFX became OFX as part of a company-wide rebranding.^[27] 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.^[22]

As of December 2016, USForex is now OFX as part of a company-wide rebranding.^[40][27] Customers who visit the USForex website will now be redirected to the primary OFX website.

OFX Payments Ireland Limited

In 2022, the company opened a European headquarters in Ireland.^[41]

4. Regulations

Australia

OzForex Limited (ABN 65 092-375-703), a wholly owned subsidiary of OzForex Group Limited (ABN 12 165-602-273) has an Australian Financial Services Licence (AFSL) and is regulated by the Australian Securities and Investments Commission (ASIC) to deal and give advice in foreign exchange and derivatives.^[42]

United States

USForex, Inc., a wholly owned subsidiary of OzForex Limited, is registered as a Money Services Business at a federal level with Financial Crimes Enforcement Network ("FinCEN"), a bureau of the United States Department of Treasury. In addition, USForex is licensed in a number of U.S. States by the relevant State Banking Department(s) as a Money Transmitter. USForex is licensed as a Money Transmitter by the Banking Dept. of the State of NY.

United Kingdom

UKForex Limited (registered in England and Wales under company number 04631395) is a wholly owned subsidiary of OzForex Limited. UKForex is regulated by the Financial Conduct Authority as an e-money Institution and by HM Revenue & Customs under the Money Laundering Regulations 2003 as a Money Service Businesses.^[43]

New Zealand

NZForex Limited (CN: 2514293) is a wholly owned subsidiary of OzForex Limited and is registered as a financial service provider under the Financial Service Providers (Registration and Dispute Resolution) Act 2008.^[44]

Canada

CanadianForex Limited (CN: 674939-9) is a wholly owned subsidiary of OzForex Limited. CanadianForex is a Money Services Business as defined in the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLATF Act) and as such is regulated by FINTRAC.^[45]

Hong Kong

ClearFX is provided by OzForex (HK) Limited (OzForex (HK)) 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.

Singapore

OFX Singapore Pte. Limited (UEN: 201317103N) is registered as a Major Payment Institution (Licence no. PS20200277) and is regulated by the Monetary Authority of Singapore (MAS).

Ireland

OFX Payments Ireland Limited, trading as OFX (Company No. 642716) is registered as an E-Money Institution (ref no. C190174) and is regulated by the Central Bank of Ireland.