OFX

About OFX

OFX Group Limited (ASX: OFX), formerly known as OzForex, is an Australian financial technology company providing international payment and foreign exchange services. The company was founded in 1998 by Matthew Gilmour, who initially ran the business from his home in Sydney. Gilmour, who was head of foreign exchange at Bankers Trust, started the venture part-time before committing to it fully in 2000. In 2004, he sold a stake to a former colleague, Gary Lord, and by 2005 they were equal shareholders and joint managing directors. The company launched its first online money transfer facility in 2001 and obtained an Australian Financial Services License in 2003. A significant milestone was reached in 2013 when the company was listed on the Australian Securities Exchange (ASX).

OFX serves a diverse client base that includes consumers, small and medium-sized businesses (SMBs), online sellers, and corporate clients. For individual clients, OFX facilitates personal money transfers for purposes such as overseas investments, tuition payments, and property purchases. The corporate segment, which now accounts for over 70% of revenue, offers solutions for paying international suppliers and staff, managing currency risk, and handling mass payments. Online sellers can utilize Global Currency Accounts to receive payments from international marketplaces like Amazon and eBay in multiple currencies. The company also provides white-label international transfer services for other financial institutions. OFX generates revenue primarily through the margin added to the exchange rates it offers to clients. For personal transfers under a certain threshold, a transfer fee may also apply.

The company's core offering is its digital platform for international money transfers, accessible via the web and mobile apps, which supports over 50 currencies across more than 170 countries. A key feature is the combination of its online platform with 24/7 support from currency experts. Beyond simple spot transfers, OFX provides more sophisticated risk management tools. These include Forward Exchange Contracts, which allow clients to lock in an exchange rate for a future transfer, and Limit Orders, which enable clients to set a target exchange rate at which to transact. For its business clients, OFX offers a Global Currency Account that allows them to hold balances, pay, and get paid in multiple currencies, as well as solutions for accounts payable and receivable workflows.