Market Overview

OZForex, the Leading Provider of International Money Transfers, Establishes U.S. Subsidiary and Secures California Licensing Approval With Launch of USForex

SAN FRANCISCO--(BUSINESS WIRE)--

OZForex, one of the world's fastest-growing, technology-driven foreign exchange providers, announced it has expanded to the United States and launched USForex, a wholly-owned subsidiary. With U.S. headquarters in San Francisco, USForex recently received licensing approval from California's Department of Financial Institutions with plans for future expansion, bringing the total number of licensed approvals to 13 states; along with operations in 3 states that do not require licensing approval. Australia-based OzForex is a leading provider of foreign exchange services and is owned by Macquarie Bank and backed by private equity investors The Carlyle Group and Accel Partners.

With a high-tech and high-touch focused delivery model, USForex offers 24-hour access to corporate and private client dealers for all of its customers, leveraging a blend of powerful technology and customer service to supply its customers with better value on foreign exchanges. USForex makes foreign exchange simple, secure and easy, with quick set up, transparency and tailored payments solutions. Customers have the ability to make international money transfers from home or anywhere in the world by phone or via USForex's fully secure online platform.

“Establishing our U.S. presence and gaining licensing approval in California, the world's ninth largest economy, represents a tremendous growth opportunity for USForex and provides businesses and individuals a cost-effective transfer option that was previously not available,” stated Michael Ward, CEO Europe and North America for USForex. “We're experiencing strong demand for our technology-driven platform that enables us to more efficiently deliver foreign exchange services at very competitive prices. Our founders transformed the foreign exchange services model by leveraging technology to eliminate unnecessary costs for our customers and we're pleased to announce our latest U.S. expansion milestone.”

With a $70 million round funded by Accel Partners and The Carlyle Group, USForex has quickly expanded into several U.S. markets, securing state approval to operate in 16 states, including: California, Colorado, Delaware, Florida, Georgia, Illinois, Maryland, Michigan, Montana, New Mexico, North Carolina, Oregon, South Carolina, Texas, Virginia and Washington. The launch of its U.S. headquarters office in San Francisco points toward the company's plans for continued expansion, focusing on providing a technology-driven, online alternative to existing foreign exchange services for small-to-medium enterprises, corporate clients and individuals.

"At Accel we see the financial services world moving both more online and mobile everyday as consumers and businesses demand financial products that are as intuitive and efficient as transacting with their favorite online retailers and mobile apps,” said Ryan Sweeney, General Partner at Accel Partners. “The OzForex companies have undoubtedly brought a "web 2.0" experience to sending money overseas to hundreds of thousands of thrilled merchants and customers already in Europe, Asia, and Australia. Therefore, we couldn't be more thrilled to announce the Company's expansion into America and the launch of USForex."

For more information on USForex, call 1-888-288-7354 or email info@usforex.com.

About USForex

USForex is a wholly-owned subsidiary of OzForex, a strategic investment of Macquarie Bank, Accel Partners and the Carlyle Group, and original co-founders Matt Gilmour and Gary Lord. USForex is part of the OzForex Group which includes UKForex, CanadianForex, OzForex, NZForex and Tranzfers.

Since its launch in 1998 by Matt Gilmour, the Group has grown to be one of the world's largest online foreign exchange companies. The Company's client base includes small and medium-sized importers and exporters, as well as individuals who transfer financial assets, have recurring payments overseas, and those investing abroad. The USForex Board of Directors is made up of executives with significant experience in foreign exchange and the financial markets.

Media:
Allison+Partners
David M. Baum, 646-428-0620
David.Baum@allisonpr.com

 

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