OFX

What OFX does

OFX is an ASX-listed (OZFRY) global financial services company founded in 1998 in Australia, operating across 9 countries with offices in Sydney, San Francisco, Toronto, London, Dublin, Hong Kong, Singapore, and Auckland, and employing over 700 people. The company provides international money transfer and foreign exchange services to more than 1 million lifetime customers—including individuals sending personal remittances and businesses making cross-border payments to suppliers, employees, and vendors in 170+ countries and 50+ currencies. The platform enables customers to hold local-currency account details in USD, EUR, CAD, and GBP, transact in 30+ business currencies, and hedge FX exposure through spot transfers, forward contracts (up to 12 months), and limit orders.

The core platform architecture centers on a Global Business Account that bundles multi-currency accounts with modular add-ons: Corporate Cards (with 1% unlimited cashback and Apple Pay), AI-powered AP & Bill Automation (OCR invoice capture, fraud detection, approval workflows), Spend Management (AI receipt matching and expense categorization), Batch Payments, a Control Hub for approvals and multi-entity oversight, and native 2-way integrations with QuickBooks Online and Xero. Personal customers access a separate Money Transfer App for spot transfers, forward contracts, limit orders, and recurring payments. OFX holds a US Money Transmitter license (NMLS #1021624), FinCEN MSB registration, and ISO 27001:2022 certification, with biometric KYC delivered via Onfido.

OFX generates revenue through a hybrid model: FX margins on currency conversions (1.5% on international card payments), per-transaction fees (SWIFT $20, Fedwire $5, ACH $0.50 above plan limits, card funding 2.9-3.4%), recurring subscription fees across Standard ($0/user/month), Full Suite ($75/month for 5 users), and Custom enterprise tiers, plus 1% cashback (a cost-recovery lever) on corporate card spend. Distribution is primarily self-serve digital (web, iOS, Android) supplemented by dedicated enterprise sales and account management for high-volume and multi-entity customers. Recent strategic emphasis has shifted from pure FX to a broader financial operations platform for SMBs, accountants, and multi-entity businesses, supported by senior hires from PayPal Australia, EML Payments, and AMP in early 2026.

Name

OFX

Legal name

USForex Inc.

Website

https://ofx.com

Company type

Public

Founded year

1998

Operating status

Operating

Headcount range

501–1,000 employees

Short description

OFX is an ASX-listed global payments and FX platform serving over 1 million personal and 37,000+ business customers across 170+ countries, offering multi-currency accounts, corporate cards, AI-powered AP automation, spend management, and 2-way accounting integrations.

Ownership category

akta.pro rank

Product category

Cross-Border Payments and Foreign Exchange Services

NAICS

Securities and Commodity Exchanges (52321), Securities and Commodity Contracts Intermediation and Brokerage (5231), Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Finance Services (6199)

akta.pro primary industry

Cross-Border & FX Payments Platforms (BPAMAFAK)

akta.pro secondary industries

FX Conversion, Pricing & Hedging Infrastructure (Treasury/Rate Engines) (FSAGAKAG), Cross-border Payments & FX for E-commerce (CRAFALAF), Embedded FX & Cross-Border Treasury (FSAGALAG), Cross-border Payments, FX & Multi-currency Checkout (CRAFAJAF), Treasury & Risk Management Solutions (FX/MM, hedging, TMS integration) (FSABAIAE)

Keywords

• International money transfers
• Foreign exchange services
• Multi-currency business accounts
• Cross-border payments
• FX risk management

Headquarters

HQ city

Sydney

HQ country

Australia

HQ region

Oceania

Offices8 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. Subscription Plans: Monthly subscription fees for platform access with tiered plans (Standard at $0/user/month, Full Suite at $75/month for 5 users). Revenue from recurring subscription charges with additional per-user fees.
2. Transaction Fees: Fees on domestic and international payments including SWIFT fees ($20 per transaction), Fedwire fees ($5 per transaction), ACH transaction fees ($0.50 per transaction beyond plan limits), and international credit card funding fees (2.9-3.4%).
3. FX Margins: Revenue generated from foreign exchange margins on currency conversions and international card payments. FX margins on international corporate card payments are 1.5%.
4. Corporate Card Cashback: 1% unlimited cashback earned on everyday corporate card spend represents a cost-recovery mechanism while driving card adoption.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels7 records

Core offering

OFX provides international payments and foreign exchange services through its Global Business Account platform, enabling businesses and individuals to send, receive, hold, and convert funds in 30+ currencies across 170+ countries. The platform bundles multi-currency accounts, corporate cards, AI-powered AP and bill automation, spend management, FX risk management tools (Spot Transfers, Forward Contracts, Limit Orders, Batch Payments), and real-time accounting integrations. For individual consumers, OFX offers dedicated personal money transfer services with margin-based FX pricing.

Product overview

OFX offers a platform-plus-modules architecture combining a Global Business Account as the core platform with multiple integrated modules. The platform enables businesses to manage international payments in 30+ currencies across 170+ countries. Key modules include Corporate Cards (with 1% cashback), AP & Bill Automation (AI-powered), Spend Management (with AI receipt capture), Batch Payments, FX Solutions (Spot Transfers, Forward Contracts, Limit Orders), Control Hub, and accounting integrations (QuickBooks Online and Xero). The company also serves personal customers through its Money Transfer App with personal transfer options including Spot Transfers, Forward Contracts, Limit Orders, and Regular Payments. Pricing tiers include Standard ($0/user/month), Full Suite ($75/month for 5 users), and Custom enterprise plans.

Differentiator

Problem solved

Functional benefit

Products and services

• Global Business Account

Quantifiable outcome

• Trusted by over 1 million customers who have transferred A$293 billion worldwide
• +3 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

AI capability7 records

Feature6 records

Partnerships

Four partnerships are on record, tiered minor, core and supporting.

• London BroncosminorGTM or Marketing Partner · 27 February 2026Sponsorship deal providing brand visibility around Cherry Red Records Stadium and Hazelwood training facilities, supporting the club's international operations following acquisition by Australian consortium.
• QuickBooks OnlinecoreTechnology or IntegrationDirect 2-way integration enabling real-time synchronization of transactions, bills, payments, and chart of accounts between OFX Global Business Account and QuickBooks Online accounting software.
• XerocoreTechnology or IntegrationReal-time 2-way sync integration allowing seamless flow of financial data including chart of accounts, bills, expenses, and payments between OFX and Xero accounting platform.
• OnfidosupportingTechnology or IntegrationThird-party biometric data collection and identity verification service provider used for customer identity verification during account registration.

Scale indicators8 records

Recent moves3 records

Expansion highlights5 records

Broad incumbents

• Western Union: Western Union is the global incumbent in cross-border money transfers with a vast agent network. It overlaps with OFX in international transfers and FX, but operates a fundamentally different cash-pickup model and serves a broader consumer base.
• PayPal: PayPal is a global digital payments incumbent offering cross-border transfers, multi-currency wallets (via PayPal and Xoom), and business payments. It competes with OFX in SMB international payments and consumer remittances at much greater scale.
• MoneyGram: MoneyGram is a global incumbent in cross-border money transfers, increasingly pivoting to digital channels. It competes with OFX in consumer remittances and is comparable in geographic reach, though with a different distribution model.

Direct peers

• Wise: Wise (formerly TransferWise) is the leading global cross-border money transfer and multi-currency account provider. It directly competes with OFX in both consumer remittances and SMB multi-currency accounts, and is the primary pricing benchmark pressuring OFX's FX margins.
• Remitly: Remitly is a leading digital remittance company focused on consumer money transfers from developed markets to emerging economies. It is a direct peer to OFX's personal money transfer business and competes on app experience, price, and brand spend.
• Airwallex: Airwallex is a cross-border payments and multi-currency business account platform headquartered in Australia/Singapore, directly competing with OFX's Global Business Account, corporate cards, and batch payments offerings for SMBs.
• Payoneer: Payoneer provides cross-border payments and multi-currency accounts tailored to SMBs, freelancers, and marketplaces. It directly competes with OFX's Global Business Account, payment receiving, and currency conversion features for international SMBs.
• WorldRemit: WorldRemit is a digital remittance platform serving consumers sending money to emerging markets. It competes directly with OFX's personal money transfer business, particularly for transfers from Australia, the UK, and Canada.

Emerging players

• Revolut: Revolut is a global digital banking and multi-currency platform offering FX, payments, and corporate accounts. It overlaps with OFX in multi-currency wallets, FX conversion, and corporate cards, and represents a fast-growing competitor especially in Europe and the UK.
• Brex: Brex is a corporate card and spend management platform. While not a direct FX competitor, it competes with OFX's newly launched Corporate Cards and Spend Management modules in the same SMB segment, raising the bar on product experience and growth investment.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/ofx
• Facebookfacebook.com/OFX
• LinkedInlinkedin.com/company/ofx

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about OFX