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{{Short description|Australian foreign exchange and payments company}}
{{Use dmy dates|date=September 2020}}
{{Use Australian English|date=July 2011}}
{{Infobox company
| name = OFX Limited
| logo = OFX Logo.svg
| type = [[Public company|Public]]
| traded_as = {{asx|OFX}}
| predecessor = OzForex
| foundation = {{start date and age |1998}}
| location = [[Sydney]], [[Australia]]
| key_people = Steven Sargent <small>(Chairman)</small>, John Alexander "Skander" Malcolm – <small>(CEO and Managing Director)</small>
| industry = [[Financial services]]
| services= [[Foreign exchange market|Foreign exchange]]
| operating_income = {{Profit}} [[Australian dollar|A$]]147 million (2022) <ref>{{cite web |url=https://www.ofx.com/en-gb/investors/reports-presentations/ |title=OFX 1H23 Financial Results Investor Presentation |date=November 8, 2022}}</ref>
| num_employees = 250
| homepage = {{URL |https://www.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 product|white-label]] international transfer services for [[Travelex]], [[MoneyGram]], [[Xero (company)|Xero]], [[Capital One|Capital One 360]], and [[Macquarie Group|Macquarie]].<ref>{{Cite web |title=How do I make international transfers? |url=https://www.macquarie.com.au/help/personal/bank-accounts/payments-and-transfers/How-do-I-make-international-transfers.html |access-date=2022-06-12 |website=www.macquarie.com.au |language=en}}</ref><ref name=":1">{{Cite web |date=18 September 2019 |title=OFX partners with Link Market Services for cross-border transactions |url=https://www.businessnewsaustralia.com/articles/ofx-partners-with-link-market-services-for-cross-border-transactions.html |access-date=12 June 2022 |website=Business News Australia}}</ref><ref name=":2">{{Cite web |last=Bencic |first=Emily |date=2021-10-28 |title=OFX teams up with WiseTech Global |url=https://retailbiz.com.au/topics/finance/ofx-teams-up-with-wisetech-global/ |access-date=2022-06-12 |website=retailbiz |language=en-AU}}</ref><ref name=":3">{{Cite web |title=OFX and Storfund Announce Work Alliance to Support Marketplace Retailers |url=https://www.prweb.com/releases/ofx_and_storfund_announce_work_alliance_to_support_marketplace_retailers/prweb17978722.htm |access-date=2022-06-12 |website=PRWeb}}</ref><ref name=":4">{{Cite web |title=AVASK OFX partnership |url=https://www.avaskgroup.com/avask-ofx-partnership/ |access-date=2022-06-12 |website=AVASK Accounting & Business Consultants |language=en-US}}</ref><ref name=":5">{{Cite web |last=Office |first=Australian Taxation |title=Other payment options |url=https://www.ato.gov.au/general/paying-the-ato/how-to-pay/other-payment-options/ |access-date=2022-06-12 |website=www.ato.gov.au |language=en-AU}}</ref>

OzForex was started by Matthew Gilmour in 1998 while working as the head of foreign exchange at [[Bankers Trust]].<ref>Derkley, Karin. "Client trust the key". The Weekend Australian Financial Review, 25–28 January 2007. [http://www.afr.com/p/business/companies/item_5NX072A0P4xm0rbGaEKaoO?hl View article (subscription only)]</ref> Controlling interest in the company was sold to Australian investment bank [[Macquarie Group]] in 2007 and partial interest to other investors in 2010.

==History==
===Foundation and early years===
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.<ref name="autogenerated1">{{Cite web |date=2005-10-14 |title=From hobby to foreign exchange service |url=https://www.theage.com.au/business/from-hobby-to-foreign-exchange-service-20051014-ge11qt.html |access-date=2022-06-12 |website=The Age |language=en}}</ref>

In 2003, the company obtained an [[Australian Financial Services License]].<ref>Australian Securities & Investments Commission Search [http://www.search.asic.gov.au/cgi-bin/gfs010c?LICNO=226484&FORMID=licenceeroles&ORIGIN=flb Visit page]</ref>

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.

In 2007, [[Macquarie Group|Macquarie Bank]] purchased 51% of OFX and Neil Helm became CEO of OFX.<ref>{{Cite web |date=2007-06-18 |title=Macquarie acquires 51% of OzForex |url=https://www.smh.com.au/business/macquarie-acquires-51-percent-of-ozforex-20070618-gdqewe.html |access-date=2022-06-12 |website=[[Sydney Morning Herald]]|language=en}}</ref>

In 2009, OFX began offering a platform for international [[Electronic funds transfer|money transfers]] through [[ING Group|ING Direct]].<ref>{{cite web |title=ING to offer overseas money transfers |publisher=The Sydney Morning Herald |date=October 14, 2009 |url=http://news.smh.com.au/breaking-news-business/ing-to-offer-overseas-money-transfers-20091014-gwyk.html }}</ref> In June 2011, ING Group announced the sale of its ING Direct division to Capital One for $9 billion in cash and stock.<ref>{{cite press release | url=https://www.ing.com/Newsroom/Nieuws/Persberichten/PB/ING-to-sell-ING-Direct-USA-to-Capital-One.htm | title=ING To Sell ING Direct USA to Capital One | publisher=[[ING Group]] | date=June 16, 2011}}</ref> Capital One received permission to merge ING into its business in October 2012,<ref>{{cite web | url=http://www.occ.treas.gov/news-issuances/memos-advisory-letters/2012/capitalone_ing_101712.pdf | title=Conditional Merger Approval | publisher=Office of the Comptroller of Currency | date=October 17, 2012 | access-date=15 February 2021 | archive-date=16 February 2013 | archive-url=https://web.archive.org/web/20130216152949/http://www.occ.treas.gov/news-issuances/memos-advisory-letters/2012/capitalone_ing_101712.pdf | url-status=dead }}</ref> and rebranded ING Direct as Capital One 360 in November 2012.<ref>{{cite news | url=http://www.bizjournals.com/washington/blog/2012/11/ing-direct-rebranded-as-capital-one-360.html | title=ING Direct rebranded as Capital One 360 | work=[[American City Business Journals]] | first=Bryant | last=Ruiz Switzky | date= November 8, 2012}}</ref>

===2010-2015===
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.<ref>{{cite news |author=Curran, Enda |title=Carlyle, Accel Buy Stakes in OzForex |publisher=The Wall Street Journal |date=November 23, 2010 |url=https://www.wsj.com/articles/SB10001424052748704369304575631912855876370}}</ref>

On 11 October 2013 OFX, under the trading name OzForex Group Limited, became publicly listed on the [[Australian Securities Exchange]] under the code "OFX".<ref>{{cite web |url=http://www.asx.com.au/asxpdf/20131011/pdf/42jyv7syc05cff.pdf |title=OzForex Group Limited Admission to official List |date=October 11, 2013 |publisher=ASX}}</ref> 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.<ref>{{cite news |author=Tan, Gillian |title=OzForex, MoneyGram Ink Deal on Money Transfers |publisher=The Wall Street Journal |date=June 10, 2013 |url=https://blogs.wsj.com/moneybeat/2013/06/10/ozforex-moneygram-ink-deal-on-cash-transfers/ }}</ref>

In 2015, investors were informed of the appointment of former [[Australia and New Zealand Banking Group|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.<ref>Pandey, Swati. "OzForex says talks to be acquired by Western Union fail, shares slump". Reuters, 9 February 2016 [https://www.reuters.com/article/us-ozforex-group-m-a-western-union/ozforex-says-talks-to-be-acquired-by-western-union-fail-shares-slump-idUSKCN0VH146 View article]</ref>

===2015 Name change to OFX===
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".<ref name=":8">{{Cite web |last=Drummond |first=Shaun |date=2015-08-06 |title=Name change for OzForex, as new chief sets big target |url=https://www.smh.com.au/business/banking-and-finance/name-change-for-ozforex-as-new-chief-sets-big-target-20150805-girv9y.html |access-date=2022-06-12 |website=The Sydney Morning Herald |language=en}}</ref> 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.<ref>{{cite web |last1=Russell |first1=Rosie |title=OFX money transfer review - a reliable provider for large transfers |url=https://www.finder.com.au/ofx-international-money-transfers |website=Finder.com.au |publisher=Finder |access-date=3 August 2023}}</ref>

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.<ref>{{cite news |last1=Redrup |first1=Yolanda |last2=Willitts |first2=Will |title=OFX Group shares hammered as it revises guidance, names new CEO |publisher=The Australian Financial Review |date=February 1, 2017 |url=http://www.afr.com/business/banking-and-finance/ofx-group-shares-hammered-15pc-as-it-revises-guidance-names-new-ceo-20170131-gu2scr }}</ref><ref>{{cite web |url=http://www.asx.com.au/asxpdf/20170201/pdf/43fpznmxj3nytf.pdf |title=OFX Announces the appointment of a new Chief Executive |date=February 1, 2017 |publisher=ASX}}</ref>

===2020-2022 offers and acquisitions===

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.<ref>{{cite news |author=Maria Nikolova |title=OFX confirms receiving unsolicited approach, talks discontinued |publisher=Finance Feeds |date=March 18, 2020 |url=http://financefeeds.com/ofx-confirms-receiving-unsolicited-approach-talks-discontinued }}</ref>

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.<ref>{{Cite web |title=OFX invests $6.1M in TreasurUp to better service SME hedging strategies |url=https://www.ofx.com/en-au/press-room/press-releases/ofx-invests-in-treasurup/ |access-date=2022-06-12 |website=OFX |language=en-US}}</ref>

In December 2021, OFX announced an agreement to acquire Canadian global foreign exchange service provider Firma.<ref>{{Cite web |date=2021-12-20 |title=Foreign exchange firm OFX buys Canada's Firma |url=https://www.afr.com/companies/financial-services/foreign-exchange-firm-ofx-buys-canada-s-firma-20211220-p59j2u |access-date=2022-06-13 |website=Australian Financial Review |language=en}}</ref> The acquisition was completed in May 2022.<ref>{{Cite web |date=2022-05-02 |title=Completion of acquisition of Firma Foreign Exchange Corp - OFX Group Limited (ASX:OFX) |url=https://www.listcorp.com/asx/ofx/ofx-group-limited/news/completion-of-acquisition-of-firma-foreign-exchange-corp-2704094.html |access-date=2022-06-13 |website=www.listcorp.com |language=en}}</ref>

==References==
{{Reflist}}

{{Online remittance}}

{{DEFAULTSORT:OFX}}
[[Category:Online remittance providers]]
[[Category:Foreign exchange companies]]
[[Category:Financial services companies based in Sydney]]
[[Category:Financial services companies established in 1998]]
[[Category:1998 establishments in Australia]]

OFX (company) - Revision history

Ajay Kumar: Created a new article