MTFX
MTFX is a privately held Canadian international money transfer and FX company, founded in 1996, that enables cross-border payments to 190+ countries in 50+ currencies for personal and business customers. Revenue is generated from transfer fees and FX margins, supported by FINTRAC regulation, banking partnerships, and dedicated account management.
- Company typePrivate
- Founded1996
- HeadquartersMarkham, Canada
- Headcount51–100
- GTM typeB2B and B2C
- OfferingServices
What MTFX does
MTFX Inc. is a privately held Canadian international money transfer and foreign exchange company founded in 1996 and headquartered in Markham, Ontario, operating under FINTRAC regulation and registered as an MSP/ISO of U.S. Bank National Association and Elavon. The company runs an online and mobile platform that enables cross-border payments to 190+ countries in 50+ currencies, combining a self-serve transactional interface with dedicated account management for business and higher-value personal customers. The product portfolio includes core international money transfer (personal and business), B2B Global Payments, Global Collections from 100+ marketplaces, FX Risk Management (forward contracts, market orders), Treasury Solutions with AP/AR automation, and multi-currency account capabilities, supported by ERP and API integration.
The platform is built around real-time exchange rate tracking, multi-currency account management, automated payment processing, and integrations with Amazon, Shopify, eBay, and 70+ additional marketplaces. MTFX monetizes through two streams: per-transaction transfer fees starting at $15 (waived for transactions over $10,000) and foreign exchange margins on currency conversions, claiming rates up to 4% better than major Canadian banks such as TD, CIBC, and RBC. The go-to-market motion is hybrid: a sales-led enterprise channel with demos, dedicated FX specialists, and named account managers for business clients, paired with a direct-to-consumer sign-up flow that completes in minutes and routes both personal and business customers onto the same platform infrastructure.
The company targets a diversified customer base: personal customers making large property, education, tuition, and family-support transfers, and business customers across ecommerce, manufacturing, professional services, software and technology, education, and healthcare verticals who need cross-border supplier payments, payroll, marketplace receivables, and FX hedging. Founder and Managing Director Hanif Harji continues to lead the company. MTFX is privately held with no disclosed external funding, parent company, M&A activity, or quantified revenue; it has operated continuously for nearly 30 years and employs 200+ people serving thousands of customers globally.
MTFX firmographics
Firmographics- Name
- MTFX
- Legal name
- MTFX Inc.
- Website
- https://mtfxgroup.com
- Company type
- Private
- Founded year
- 1996
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- MTFX is a privately held Canadian international money transfer and FX company, founded in 1996, that enables cross-border payments to 190+ countries in 50+ currencies for personal and business customers. Revenue is generated from transfer fees and FX margins, supported by FINTRAC regulation, banking partnerships, and dedicated account management.
- Ownership category
- akta.pro rank
MTFX industry classification
Industry- Product category
- Foreign Exchange & International Money Transfer Services
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)
- SIC
- Finance Services (6199)
- akta.pro primary industry
- International Money Transfer Operators (MTOs) (FSAMAIAE)
- akta.pro secondary industries
- Cross-Border & FX Payments Platforms (BPAMAFAK), Cross-border Payments & FX for E-commerce (CRAFALAF)
Keywords
Where MTFX is headquartered
LocationHeadquarters
- HQ city
- Markham
- HQ country
- Canada
- HQ region
- North America
Offices2 records
Markets served
MTFX business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Others
Revenue model
- International Money Transfer Fees: MTFX charges transfer fees on international money transfers. Standard transfers start at $15, with transactions over $10,000 having no additional costs. Revenue generated from transaction fees combined with foreign exchange margins between mid-market rates and customer-facing rates.
- Foreign Exchange Margins: Revenue generated through minimal margins on currency exchange rates. MTFX offers rates closer to mid-market levels compared to banks, while generating revenue through transparent, low margins on each conversion transaction.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Standard Transfer Fee |
| Transaction based/ take rate | Pay-as-you-go | Exchange Rate Margin |
| Other | Pay-as-you-go | Account Access |
Go-to-market motion3 records
Distribution channels7 records
Marketing channels6 records
MTFX product offering
Product offeringCore offering
MTFX provides international money transfer and foreign exchange services to personal and business customers, enabling cross-border payments to 190+ countries in 50+ currencies. The company offers competitive bank-beating exchange rates, transparent low fees (starting at $15 with no fees over $10,000), same/next business day delivery, and multi-currency account capabilities through an online and mobile platform supported by dedicated account managers.
Product overview
MTFX operates as a unified platform-plus-modules architecture offering international money transfer and global payment services. The core offerings include Business International Money Transfer and Personal Payment Solutions, supported by specialized modules for Global Payments (B2B), Global Collections, Risk Management (FX hedging tools), Treasury Solutions, and FX Tools. The platform integrates with major ecommerce marketplaces (Amazon, Shopify, eBay) and offers ERP integration capabilities. Key differentiators include competitive exchange rates, multi-currency account management, same-day wire transfers, and dedicated account management. The product portfolio serves both personal and business segments with solutions spanning cross-border payments, receivables management, currency risk hedging, and treasury automation.
Differentiator
Problem solved
Functional benefit
Products and services
- Business International Money Transfer Comprehensive international payment solution for Canadian businesses engaged in cross-border trade, providing dedicated account managers, competitive exchange rates, and support for transactions to 190+ countries in 50+ currencies.
- Personal Payment Solutions International money transfer service for individuals sending money abroad for personal reasons (property purchases, education, family support, travel), with bank-beating rates, low fees, and dedicated personal FX support.
- Global Payments (B2B)
- Global Collections
- FX Risk Management
- Treasury Solutions
- Multi-Currency Account
- E-Commerce Solutions
Quantifiable outcome
- Up to 4% better exchange rates compared to major Canadian banks (TD, CIBC, RBC)
- +3 more outcomes
Companies that use MTFX
Customer profileNamed customers7 records
Segments8 records
Ideal customer profiles2 records
MTFX technology and API
TechnologyTechnology focussed No
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration5 records
Feature8 records
MTFX partnerships and signals
Strategic signalScale indicators10 records
Recent moves6 records
Expansion highlights6 records
MTFX competitors and assessment
Company assessmentDirect peers
- Wise: Wise (formerly TransferWise) is the global leader in cross-border money transfers, offering multi-currency accounts and bank-beating FX rates to consumers and businesses. Directly competes with MTFX on the Canadian SMB and consumer cross-border payment value proposition with a significantly larger global footprint.
- OFX: OFX is an international money transfer and FX services provider serving both individuals and businesses with competitive exchange rates and dedicated account managers. Closely mirrors MTFX's hybrid digital-plus-human GTM model and B2B FX focus.
- Remitly: Remitly is a digital remittance platform serving immigrants and consumers sending money internationally with a mobile-first experience. Competes with MTFX on outbound transfers from Canada, though more skewed toward consumer remittance corridors.
- Knightsbridge Foreign Exchange: KnightsbridgeFX is a Canadian-based FX and international payment specialist serving individuals and businesses with bank-beating rates and dedicated support. Head-to-head competitor with MTFX in the Canadian outbound FX market with similar positioning.
- Cambridge Currencies: Cambridge Currencies is a Canadian FX and international money transfer provider offering competitive exchange rates to individuals and businesses. Directly competes with MTFX in the Canadian cross-border payment market.
- WorldRemit: WorldRemit is a digital cross-border money transfer platform serving senders and recipients across 130+ countries. Competes with MTFX on digital remittance and outbound transfers from Canada with similar mobile-first positioning.
Broad incumbents
- Western Union: Western Union is the largest legacy money transfer operator globally with extensive agent networks and digital capabilities. Overlaps with MTFX on international money transfers but operates at vastly greater scale and includes cash-pickup services MTFX does not offer.
- MoneyGram: MoneyGram is a global money transfer and payment services company with both digital and retail channels. Competes with MTFX on cross-border transfers from Canada but operates a broader service portfolio including bill pay.
- Revolut: Revolut is a global fintech offering multi-currency accounts, international transfers, and FX at interbank rates. Competes with MTFX on Canadian consumer and SMB FX and multi-currency account services as part of a much broader product portfolio.
Others
- Currencycloud (Visa): Currencycloud, owned by Visa, provides cross-border payments infrastructure and FX-as-a-service to fintechs and banks. Adjacent rather than direct competitor to MTFX but represents a potential partner or platform alternative for embedded cross-border FX capabilities.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
MTFX social profiles
Digital presenceMTFX compliance and trust
Trust signalCompliance1 record
MTFX financial estimates
Financial estimateRevenue estimate
Valuation estimate
MTFX leadership team
Management profileNumber of profiles
Profiles1 record
MTFX funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
MTFX M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about MTFX
What does MTFX do?
MTFX provides international money transfer and foreign exchange services to personal and business customers, enabling cross-border payments to 190+ countries in 50+ currencies. The company offers competitive bank-beating exchange rates, transparent low fees (starting at $15 with no fees over $10,000), same/next business day delivery, and multi-currency account capabilities through an online and mobile platform supported by dedicated account managers.
Is MTFX a public or private company?
MTFX is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was MTFX founded?
MTFX was founded in 1996. It employs 51 to 100 people.
Where is MTFX based?
MTFX is headquartered in Markham, Canada, in the North America region.
How does MTFX make money?
Two revenue lines are on record. International Money Transfer Fees are the primary driver. The others are foreign Exchange Margins.
Who are MTFX's main competitors?
Direct peers on record are Wise, OFX, Remitly, Knightsbridge Foreign Exchange, Cambridge Currencies and WorldRemit. Broad incumbents are Western Union, MoneyGram and Revolut. Currencycloud (Visa) is listed as an others.
Does MTFX have an API?
Yes. MTFX provides core APIs that enable businesses to connect their systems for automated, efficient global transactions. The API supports payment automation, ERP integration for seamless financial management, and programmatic access to currency exchange and transfer functionality.
What industry is MTFX in?
MTFX's product category is Foreign Exchange & International Money Transfer Services. Its primary akta.pro industry code is FSAMAIAE, International Money Transfer Operators (MTOs), with a secondary code of BPAMAFAK, Cross-Border & FX Payments Platforms. Its NAICS code is 52232 and its SIC code is 6199.