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OFX

“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?”

Founded1998
HQSydney, Australia
FoundersMatthew Gilmour
IndustryFintech / Cross-border payments
The story

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.

Last 12 months
2025-09
Product timeline
1998
Founded as OzForex by Matthew Gilmour, offering online foreign exchange services to individuals.· pivot
2007
Macquarie Group acquires controlling interest in OzForex.· acquisition
2013
OzForex lists on the Australian Securities Exchange (ASX: OFX).· ipo
2016
Rebranded from OzForex to OFX, expanding global brand presence.· pivot
2022
Acquired Firma Foreign Exchange Corporation to expand into Canada, UK, and New Zealand.· acquisition
2025
Launched OFX Business Platform with subscription tiers (Standard, Full-Suite, Custom) including spend management, AP automation, and multi-currency corporate cards.· banking
Regulated entities
2
regulatory licences held by OFX
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
3 layers disclosed in OFX’s embedded-finance stack
Card network
Visa
FX & payouts
in the full report
Accounting
in the full report
Accounting gap: minor
3 more providers across 2 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.