MTFX

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.

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

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

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

Headquarters

HQ city

Markham

HQ country

Canada

HQ region

North America

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. 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.
2. 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

Go-to-market motion3 records

Distribution channels7 records

Marketing channels6 records

Core 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

Named customers7 records

Segments8 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature8 records

Scale indicators10 records

Recent moves6 records

Expansion highlights6 records

Direct 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

• Xx.com/mtfxlive
• LinkedInlinkedin.com/company/mtfx-inc

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about MTFX