International money transfer and foreign exchange services provider OFX has announced the establishment of OFX Payments Ireland Limited as its European HQ in Dublin. The announcement comes as the company is targeting Ireland and the EU as growth markets for its business. OFX recently announced Maeve McMahon as its CEO and growth leader for the region.
OFX expects to create an additional 15 jobs at the Dublin base to manage its European operations. The Irish based operation will include compliance, risk, finance, operations, and sales. Following the successful migration of the European business from the UK entity post Central Bank of Ireland authorisation, the Irish operation will be responsible for managing the European portfolio.
OFX offers an innovative and competitive alternative to banks for businesses who trade across borders and to consumers who send money overseas. The establishment of the European HQ in Dublin comes at a time when other financial organisations are leaving the market and customers are seeking alternative service providers.
Founded in 1998 and headquartered in Sydney, Australia, the company has eight offices across the world with more than 650 staff. OFX helps businesses and consumers make international money transfers at great rates in over 50 currencies, across 170 countries. Through its ‘digital + human’ business model, OFX complements its simple, self-service online platform with 24/7 localised customer support. Customers can speak to staff (called OFXperts) anytime, day or night. OFX also specialises in currency risk management for SMEs who trade overseas, helping businesses to protect themselves from the risk associated with volatile currency markets.
The Irish operation, OFX Payments Ireland Limited, is a wholly owned subsidiary of OFX Group Limited and is located at Fitzwilliam Court, 2 Leeson Close, Dublin 2, D02 YW24, Ireland. A team of key senior personnel have already been hired including the CEO, Head of Risk and Compliance, Compliance Associate, Head of Finance and Operations, a Finance and Operations Manager and several Business Development Managers and Executives.
Minister of State at the Department of Finance, Seán Fleming TD, said: “I’m delighted that OFX has chosen Ireland as its location for its European Headquarters. These new positions are particularly welcome as the Government seeks to grow Ireland’s status as a global hub for fintech. Ireland is a really attractive destination for financial services, due in a large part to our strong talent pool and expertise in the sector. The very best of luck to the entire team and I look forward to following their success into the future.”
In Dublin at the announcement global CEO of OFX Skander Malcolm said; “We are excited by the opportunities for growth in our business in Ireland and across the EU region. Establishing an office in Ireland is a key part of our strategy for growing in the region and gives us an excellent base from which to manage our operations. OFX is about helping businesses access great exchange rates and trade across borders with ease. And we want to help businesses protect themselves and manage risk in their currency transactions. In the volatile environment we’re currently in, this is even more important.”
IDA Ireland’s Head of International Financial Services, Kieran Donoghue, said:
“This investment by OFX is a welcome addition to the already strong online foreign exchange, international money transfer and payments ecosystem which has developed here. As an innovative and fast-growing financial services company, OFX will further enhance Ireland’s reputation as a location for Financial Services, Technology, Content and Fintech companies from the Asia-Pacific region. I wish to thank OFX for their investment and wish them every success and our continuing support as they develop their business from Ireland”.
About the company
OFX operates across eight offices globally with the UK office previously managing European business and clients. In 2018, the OFX Board made the decision to establish an Irish operation. OFX Payments Ireland Limited, a wholly owned subsidiary of OFX Group Limited, received its Electronic Money Institution Licence in 2020 from the CBI.
OFX Ireland is committed to continued investment in the company’s growth strategy in Ireland and Europe.