“Can a specialist FX transfer platform evolve into the global financial OS for SMBs by layering spend management, corporate cards, and AP automation onto its FX rails?”
Founded in 1998 as OzForex, a specialist FX money transfer platform targeting individuals and SMBs, OFX listed on the ASX in 2013 and rebranded in 2016. Over the following decade, the company expanded beyond FX transfers into a broader SMB financial services platform, adding a Global Business Account with multi-currency wallets, corporate card issuance with spend management, and AP automation. The 2022 acquisition of Firma Foreign Exchange deepened its presence in Canada and the UK. By 2025, OFX had repositioned itself as a Vertical SaaS-style spend management and global payments platform for SMBs and accounting firms, competing with fintechs like Airwallex and Wise Business.
OFX's cards run on Visa.
OFX uses OFX (self-operated) for FX and cross-border payouts.
OFX integrates with QuickBooks and Xero.
The Embedded Finance Index 2026 maps 4 layers in OFX's stack: Card network (Visa); FX & payouts (OFX (self-operated)); Accounting (QuickBooks and Xero); Spend / AP (BILL).
OFX was founded by Matthew Gilmour and is founded in 1998, headquartered in Sydney, Australia.
Get a read on where your own stack stands against OFX and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.