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Exchange Bank of Canada

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Namestring
Exchange Bank of Canada
Legal namestring
Exchange Bank of Canada
Websiteurl
ebcfx.com
Company typeenum
Private
Founded yearint
2016
Descriptiontext

Exchange Bank of Canada (EBC) was a privately-held Canadian Schedule 1 Bank, regulated by the Office of the Superintendent of Financial Institutions (OSFI) and headquartered in Toronto. Founded in 2016 as a subsidiary of Currency Exchange International (CXI), EBC specialized in foreign currency exchange and international payments, serving financial institutions and corporations. The bank operated as a non-deposit taking and non-lending institution, classified for capital adequacy and liquidity purposes as a Category 2 Small and Medium-Sized Deposit-Taking Institution (SMSB) under the Basel III framework, and published quarterly Basel III Pillar 3 Disclosures.

The bank's business model was built on leveraging its Schedule 1 regulatory status to provide correspondent banking and FX services to institutional clients. Its leadership team was led by Randolph Pinna as President and CEO, with Alan Stratton serving as Vice-President and Chief Financial Officer. The entity maintained a workforce of 101-250 employees and operated within a North American footprint, specifically in Canada, under the CXI parent corporate umbrella.

Exchange Bank of Canada ceased operations on October 31, 2025, completed its formal discontinuance from the Bank Act following regulatory approval from the Canadian Minister of Finance on April 27, 2026, and was fully dissolved on April 29, 2026. The entity no longer exists, and its parent CXI continues to operate on a consolidated basis without this subsidiary. No active products, services, or operational capacity remain.

Short descriptiontext

Exchange Bank of Canada was a Toronto-based Schedule 1 Bank that specialized in foreign currency exchange and international payments for financial institutions and corporations. Operating as a non-deposit, non-lending OSFI-regulated subsidiary of Currency Exchange International, the entity was fully dissolved in April 2026.

Operating statusenum
Closed
Ownership categoryenum
Headcount rangeband
101–250
akta.pro rankint
HeadquartersToronto, Canada
HQ citystring
Toronto
HQ countrystring
Canada
HQ regionstring
North America
Markets served

Serves global market

Keyword5 values
foreign currency exchange, international payment services, wholesale banking services, cross-border payments, corporate FX services
Industry4 codes
1FSAGABAK
CodeFSAGABAKPrimaryYes
2FSAMAHAB
CodeFSAMAHABPrimaryNo
3FSABAJAC
CodeFSABAJACPrimaryNo
4FSAFADAC
CodeFSAFADACPrimaryNo
NAICS code1 code
  • 52211
SIC code1 code
  • 6021
Product category
Foreign Exchange Banking
Social media profiles2 records
GTM typeB2B
B2B
Offering typeServices
Services
Core offering1 text field

Exchange Bank of Canada was a Schedule 1 Bank that specialized in foreign currency exchange and international payments for financial institutions and corporations. As a non-deposit taking and non-lending bank, it focused exclusively on wholesale foreign currency exchange and cross-border payment services for other financial institutions and corporate clients.

Differentiator
Functional benefit
Problem solved
Product overview1 text field

Exchange Bank of Canada was a now-dissolved Schedule 1 Bank in Canada, regulated by the Office of the Superintendent of Financial Institutions (OSFI). The entity ceased operations on October 31, 2025, was formally discontinued from the Bank Act on April 27, 2026, and was fully dissolved on April 29, 2026. The bank operated under Basel III regulatory framework as a Category 2 Small and Medium-Sized Deposit-Taking Institution (SMSB), publishing quarterly Basel III Pillar 3 Disclosures. No active products or services remain as the entity no longer exists.

Product and service2 records
1Foreign Currency Exchange Services
CategoryForeign Exchange
Description

Wholesale foreign currency exchange services provided to financial institutions and corporations through a regulated Canadian Schedule 1 Bank framework.

2International Payment Services
CategoryInternational Payments
Description

Cross-border international payment processing services offered to financial institutions and corporations, operated through a non-deposit taking Schedule 1 Bank.

Recent move3 records

Each record includes

Date, Type, Title, Description, Source

Peers10 records
1OFX
TypeDirect peer
Description

OFX (formerly OzForex) provides cross-border FX and international payments to businesses and individuals globally, including Canadian institutional clients — directly comparable to EBC's cross-border payments and FX value proposition.

2Convera
TypeDirect peer
Description

Convera (formerly Western Union Business Solutions) is a direct competitor in B2B cross-border payments and FX for financial institutions and corporations, with comparable customer segments and product scope to EBC.

3Moneycorp
TypeDirect peer
Description

Moneycorp is a UK-headquartered specialist in cross-border FX and international payments for businesses and financial institutions, operating a comparable institutional FX/payments franchise to EBC.

4WorldFirst
TypeDirect peer
Description

WorldFirst (part of Ant Group) provides cross-border payments and multi-currency accounts to SMEs and financial institutions, overlapping directly with EBC's institutional FX and international payments offering.

5Wise
TypeDirect peer
Description

Wise (formerly TransferWise) provides multi-currency accounts and international transfers to consumers and businesses, including business customers in Canada — a scaled fintech incumbent in the same cross-border payment space EBC served.

6TorFX
TypeDirect peer
Description

TorFX is a UK-based specialist FX and international payments provider focused on personal and SME clients, representing a comparable niche cross-border payments business model to EBC.

7Currencycloud
TypeEmerging player
Description

Currencycloud (acquired by Visa) provides FX and cross-border payments infrastructure APIs to banks and financial institutions — comparable as cross-border FX infrastructure serving FIs, although operating as a fintech B2B platform rather than a chartered bank.

8Cambridge Mercantile Group
TypeDirect peer
Description

Cambridge Mercantile Group (part of FLEETCOR) is a Canada-headquartered cross-border payments and FX specialist serving financial institutions and corporations — historically the closest direct Canadian-headquartered competitor to EBC.

9HSBC
TypeBroad incumbent
Description

HSBC is a global universal bank with an extensive cross-border FX and international payments franchise serving institutional and corporate clients, providing a broad incumbent benchmark against EBC's institutional FX offering.

10Citi Commercial Banking
TypeBroad incumbent
Description

Citi's commercial banking and treasury & trade solutions divisions offer large-scale cross-border payments, FX, and correspondent banking services to corporations and financial institutions — a broad incumbent overlapping with EBC's target market.

Market position
Weaknesses2 records

Each record includes

Headline, Details, Source

Competitive moat2 records

Each record includes

Type, Details

Key risks6 records

Each record includes

Headline, Details, Source

Key highlights5 records

Each record includes

Headline, Details, Source

Customer concentration

Classification, Details

Ideal customer profile1 record

Each record includes

Profile, Firmographic size, Sales motion, Sales cycle length, Buying structure, Purchase trigger, Buyer persona, Geography, Industry vertical, Primary use case, Description, Pain points, Evidence proof points, Target buyer

Technology focused
No
API detail
Has APIbool
No

Docs URL, Description

AI maturity
App detail

Has app

Core technology
Revenue estimate
Valuation estimate
Number of profiles
No data
Compliance2 records

Each record includes

Name, Class, Description

Funding overview

Funding stage, Last funding date, Total funding USD

Funding rounds

Each record includes

Round, Amount USD, Date, Pre money valuation, Total investors, Investors, News

Investors

Each record includes

Name, Type, Date of entry, Rounds participated, Website

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

M&A

Each record includes

Name, Acquisition type, Announced date, Completed date, Status, Website, News

Investment

Each record includes

Name, Round, Announced date, Lead investor, Website, News

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

Exchange Bank of Canada

Foreign Exchange Bankingebcfx.com

Exchange Bank of Canada was a Toronto-based Schedule 1 Bank that specialized in foreign currency exchange and international payments for financial institutions and corporations. Operating as a non-deposit, non-lending OSFI-regulated subsidiary of Currency Exchange International, the entity was fully dissolved in April 2026.

What Exchange Bank of Canada does

Exchange Bank of Canada (EBC) was a privately-held Canadian Schedule 1 Bank, regulated by the Office of the Superintendent of Financial Institutions (OSFI) and headquartered in Toronto. Founded in 2016 as a subsidiary of Currency Exchange International (CXI), EBC specialized in foreign currency exchange and international payments, serving financial institutions and corporations. The bank operated as a non-deposit taking and non-lending institution, classified for capital adequacy and liquidity purposes as a Category 2 Small and Medium-Sized Deposit-Taking Institution (SMSB) under the Basel III framework, and published quarterly Basel III Pillar 3 Disclosures.

The bank's business model was built on leveraging its Schedule 1 regulatory status to provide correspondent banking and FX services to institutional clients. Its leadership team was led by Randolph Pinna as President and CEO, with Alan Stratton serving as Vice-President and Chief Financial Officer. The entity maintained a workforce of 101-250 employees and operated within a North American footprint, specifically in Canada, under the CXI parent corporate umbrella.

Exchange Bank of Canada ceased operations on October 31, 2025, completed its formal discontinuance from the Bank Act following regulatory approval from the Canadian Minister of Finance on April 27, 2026, and was fully dissolved on April 29, 2026. The entity no longer exists, and its parent CXI continues to operate on a consolidated basis without this subsidiary. No active products, services, or operational capacity remain.

Exchange Bank of Canada firmographics

Firmographics
Name
Exchange Bank of Canada
Legal name
Exchange Bank of Canada
Website
https://ebcfx.com
Company type
Private
Founded year
2016
Operating status
Closed
Headcount range
101–250 employees
Short description
Exchange Bank of Canada was a Toronto-based Schedule 1 Bank that specialized in foreign currency exchange and international payments for financial institutions and corporations. Operating as a non-deposit, non-lending OSFI-regulated subsidiary of Currency Exchange International, the entity was fully dissolved in April 2026.
Ownership category
akta.pro rank

Where Exchange Bank of Canada is headquartered

Location

Headquarters

HQ city
Toronto
HQ country
Canada
HQ region
North America

Markets served

Exchange Bank of Canada business model

Business model
GTM type
B2B
Offering type
Services

Exchange Bank of Canada product offering

Product offering

Core offering

Exchange Bank of Canada was a Schedule 1 Bank that specialized in foreign currency exchange and international payments for financial institutions and corporations. As a non-deposit taking and non-lending bank, it focused exclusively on wholesale foreign currency exchange and cross-border payment services for other financial institutions and corporate clients.

Product overview

Exchange Bank of Canada was a now-dissolved Schedule 1 Bank in Canada, regulated by the Office of the Superintendent of Financial Institutions (OSFI). The entity ceased operations on October 31, 2025, was formally discontinued from the Bank Act on April 27, 2026, and was fully dissolved on April 29, 2026. The bank operated under Basel III regulatory framework as a Category 2 Small and Medium-Sized Deposit-Taking Institution (SMSB), publishing quarterly Basel III Pillar 3 Disclosures. No active products or services remain as the entity no longer exists.

Differentiator

Problem solved

Functional benefit

Products and services

  • Foreign Currency Exchange Services Wholesale foreign currency exchange services provided to financial institutions and corporations through a regulated Canadian Schedule 1 Bank framework.
  • International Payment Services Cross-border international payment processing services offered to financial institutions and corporations, operated through a non-deposit taking Schedule 1 Bank.

Companies that use Exchange Bank of Canada

Customer profile

Ideal customer profiles1 record

Exchange Bank of Canada technology and API

Technology

Technology focussed No

API detail

Has API
No
API docs
API detail

Core technology

AI maturity

App detail

Exchange Bank of Canada partnerships and signals

Strategic signal

Recent moves3 records

Exchange Bank of Canada competitors and assessment

Company assessment

Direct peers

  • OFX: OFX (formerly OzForex) provides cross-border FX and international payments to businesses and individuals globally, including Canadian institutional clients — directly comparable to EBC's cross-border payments and FX value proposition.
  • Convera: Convera (formerly Western Union Business Solutions) is a direct competitor in B2B cross-border payments and FX for financial institutions and corporations, with comparable customer segments and product scope to EBC.
  • Moneycorp: Moneycorp is a UK-headquartered specialist in cross-border FX and international payments for businesses and financial institutions, operating a comparable institutional FX/payments franchise to EBC.
  • WorldFirst: WorldFirst (part of Ant Group) provides cross-border payments and multi-currency accounts to SMEs and financial institutions, overlapping directly with EBC's institutional FX and international payments offering.
  • Wise: Wise (formerly TransferWise) provides multi-currency accounts and international transfers to consumers and businesses, including business customers in Canada — a scaled fintech incumbent in the same cross-border payment space EBC served.
  • TorFX: TorFX is a UK-based specialist FX and international payments provider focused on personal and SME clients, representing a comparable niche cross-border payments business model to EBC.
  • Cambridge Mercantile Group: Cambridge Mercantile Group (part of FLEETCOR) is a Canada-headquartered cross-border payments and FX specialist serving financial institutions and corporations — historically the closest direct Canadian-headquartered competitor to EBC.

Emerging players

  • Currencycloud: Currencycloud (acquired by Visa) provides FX and cross-border payments infrastructure APIs to banks and financial institutions — comparable as cross-border FX infrastructure serving FIs, although operating as a fintech B2B platform rather than a chartered bank.

Broad incumbents

  • HSBC: HSBC is a global universal bank with an extensive cross-border FX and international payments franchise serving institutional and corporate clients, providing a broad incumbent benchmark against EBC's institutional FX offering.
  • Citi Commercial Banking: Citi's commercial banking and treasury & trade solutions divisions offer large-scale cross-border payments, FX, and correspondent banking services to corporations and financial institutions — a broad incumbent overlapping with EBC's target market.

Market position

Weaknesses2 records

Competitive moat2 records

Key risks6 records

Key highlights5 records

Customer concentration

Exchange Bank of Canada social profiles

Digital presence

Exchange Bank of Canada compliance and trust

Trust signal

Compliance2 records

Exchange Bank of Canada financial estimates

Financial estimate

Revenue estimate

Valuation estimate

Exchange Bank of Canada leadership team

Management profile

Number of profiles

Exchange Bank of Canada funding detail

Funding detail

Funding overview

Funding rounds

Investors

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

Exchange Bank of Canada M&A and investment

M&A and investment

M&A

Investments

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

Frequently asked questions about Exchange Bank of Canada

What does Exchange Bank of Canada do?

Exchange Bank of Canada was a Schedule 1 Bank that specialized in foreign currency exchange and international payments for financial institutions and corporations. As a non-deposit taking and non-lending bank, it focused exclusively on wholesale foreign currency exchange and cross-border payment services for other financial institutions and corporate clients.

Is Exchange Bank of Canada a public or private company?

Exchange Bank of Canada is a private company. It is classified as corporate owned and is currently closed.

When was Exchange Bank of Canada founded?

Exchange Bank of Canada was founded in 2016. It employs 101 to 250 people.

Where is Exchange Bank of Canada based?

Exchange Bank of Canada is headquartered in Toronto, Canada, in the North America region.

Who are Exchange Bank of Canada's main competitors?

Direct peers on record are OFX, Convera, Moneycorp, WorldFirst, Wise, TorFX and Cambridge Mercantile Group. Currencycloud is listed as an emerging player. Broad incumbents are HSBC and Citi Commercial Banking.

Does Exchange Bank of Canada have an API?

No public API is recorded for Exchange Bank of Canada.

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Live signals
Stock TitanCurrency Exchange Int'l Q1 net income jumps 88%Currency Exchange International reported Q1 2026 net income of $1.5 million, an 88% increase year-over-year, despite flat revenue of $15.4 million, driven by 49% growth in Payments revenue offset by an 11% decline in Banknotes revenue. The company processed 59,804 payment transactions worth $2.16 billion, a 46% increase in trading volume, while continuing to wind down its Exchange Bank of Canada subsidiary which ceased operations in October 2025. CXI also repurchased 151,000 common shares for $2.5 million under its Normal Course Issuer Bid and expanded its OnlineFX platform licensing to 47 states plus the District of Columbia.GlobeNewswireCurrency Exchange International Announces a 10% Increase inCurrency Exchange International reported Q1 2025 net income of $0.8 million, down 4% year-over-year, with revenue up 10% to $19.9 million. Adjusted net income rose 29% to $1.1 million, and the company announced its plan to cease operations of its Canadian subsidiary, Exchange Bank of Canada, with discontinuance expected in Q4 2025.GlobeNewswireCurrency Exchange International, Corp. Announces Strategic Decision to Discontinue Operations of its Subsidiary, Exchange Bank of Canada, Pursue Referral Agreements with Appropriate Parties, and SeekCurrency Exchange International announced it will cease operations of its subsidiary Exchange Bank of Canada, applying to discontinue from the Bank Act. The voluntary discontinuance is expected in Q4 2025, with referral agreements for customers and employees. The company will focus on U.S. growth and expects to remain profitable during the transition.GlobeNewswireCurrency Exchange International, Corp. Announces Strategic Review of Exchange Bank of CanadaCurrency Exchange International, Corp. announced a strategic review of its wholly-owned subsidiary Exchange Bank of Canada, with a special committee of independent directors considering options. The review aims to maximize long-term value and focus resources on profitable U.S. operations, with INFOR Financial as strategic advisor. No assurance is given that the review will result in a specific transaction.GlobeNewswireCurrency Exchange International Announces Appointment ofCurrency Exchange International appointed Gerhard Barnard as Group Chief Financial Officer, effective October 11, 2022, replacing interim CFO Alan Stratton. Stratton will remain as interim CFO at the company's subsidiary, Exchange Bank of Canada. The appointment aims to support the company's future growth.GlobeNewswireCurrency Exchange Announces Interim Chief Financial Officer AppointmentCurrency Exchange International appointed Alan Stratton as interim CFO of the company and its Canadian subsidiary, Exchange Bank of Canada, effective immediately. He previously served as VP Finance at the subsidiary since 2020. A search for a permanent CFO has commenced.GlobeNewswireExchange Bank of Canada Achieves Access to Federal Reserve US Dollar Currency Services Program to Facilitate Global BanknotesExchange Bank of Canada, a subsidiary of Currency Exchange International, was approved to participate in the Federal Reserve's FBICS program, granting access to the International Cash Services program. This allows EBC to place same-day orders for new USD banknotes and receive expedited processing for large-denomination deposits.GlobeNewswireCurrency Exchange International Announces Financial Results for the Three-and Nine-Month Period Ended July 31, 2020Currency Exchange International reported a 69% revenue drop to $3.9 million in Q3 2020, with a net loss of $2.3 million, due to pandemic-induced travel decline. Its subsidiary Exchange Bank of Canada closed an acquisition of a Quebec-based payments company. The company expects demand for banknotes to recover slowly as travel recovers.GlobeNewswireCXI Announces Exchange Bank of Canada Closes Its Transaction with a Canadian International Payments BusinessCurrency Exchange International's subsidiary Exchange Bank of Canada closed its acquisition of a Canadian international payments business that has operated 24 years in Québec. The deal involves approximately 400 active corporate customers and is expected to be accretive to annual earnings. Operational efficiencies are anticipated from overlapping back-office functions.GlobeNewswireCXI Announces Exchange Bank of Canada Has Received Regulatory Approval to Acquire the Assets of a Canadian International Payments BusinessCurrency Exchange International's subsidiary Exchange Bank of Canada received regulatory approval to acquire assets of a 24-year-old Canadian international payments business. The deal, expected to close July 28, 2020, covers about 400 corporate customers generating roughly CDN $1.8 million in annual revenue. Management expects the acquisition to be accretive to earnings.