Leading international payments solutions provider to provide White Label service for Travelex
SYDNEY, LONDON, TORONTO, SAN FRANCISCO – 15 October, 2012 – Leading international payments solution provider The OzForex Group has signed a global partnership with Travelex to provide a Travelex branded online service enabling consumers to make account-to-account foreign exchange payments.
The service will allow consumers to make international foreign payments and money transfers through the OzForex advanced online payments platform. The service will include round-the-clock telephone customer service and be supported by a mobile trading site and an iPhone/Android application that will enable customers to check rates, access market commentary and login to the mobile trading site.
The payment service will initially launch in the UK in October and quickly roll out to Australia, NZ, Canada, Hong Kong, Singapore and the USA over the next 12 months.
OzForex CEO Neil Helm says, “The Travelex deal is another exciting chapter in the growth story that is OzForex and represents great recognition for the company and the payments platform technology we have built. Travelex, the world's leading foreign exchange specialist, chose OzForex as partner because of the power of our payments platform, the strength of our global customer service and operational model and the professionalism of our leadership team. We believe our partnership with Travelex will benefit both companies and highlights the international payment capabilities of our business, positioning us for further global opportunities."
Travelex CEO Peter Jackson says OzForex was the ideal choice for its Travelex branded consumer service.
"Offering the capability for consumers to conduct international payments online is a natural extension to our business in a rapidly growing market. We’re happy to have found a partner with strong technical capabilities who we can work with to create another fantastic value proposition for Travelex customers. Travelex wanted to offer our clients the most reliable, sophisticated and competitive international money transfer service, and OzForex's team ticked every box.”
For OzForex, whose investors include Macquarie, The Carlyle Group and Accel Partners, the deal caps a strong year of growth and international expansion highlighted by the company opening its first US office in San Francisco. OzForex currently has over 350,000 registered clients globally and executes over 500,000 funds transfers per annum on behalf of clients with 95% of these transactions conducted online.
This is OzForex's third major white label partnership. Our other white label partnerships, which are with Macquarie Private Wealth and ING Direct, have been very successful. “We look forward to a similarly profitable partnership with Travelex as we continue our international expansion" says Neil Helm.
Additional Quotes from OzForex Board
Olivier Sarkozy, Managing Director and Head of the Financial Services team, The Carlyle Group
”The US market is ripe for innovative players in the payments space like OzForex, which presents customers with a compelling, secure value proposition for moving funds from country to country – a huge, underserved market. Payments are increasingly moving toward the online environment and into the social arena and this partnership will give Travelex referred clients access to the benefits and efficiencies of that space via the OzForex payments platform."
Ryan Sweeney, Partner at Accel Partners
“As more consumers transact internationally, hedging and purchasing foreign currency is an increasingly necessary exercise. The global strength of the Travelex brand combined with the innovative, secure and cost-effective payment platform suggests that this partnership will allow consumers, who are progressively gaining comfort with online financial services providers, to take advantage of this offering.”
Eric Schimpf, Head of Macquarie Private Wealth and member of the OzForex Board
“Since our investment in OzForex in 2007 we have been delighted to be part of the company’s growth and evolution, which has seen it significantly grow customer numbers, expand its services around the globe, enter into white label agreements and attract new private equity backers. The Travelex partnership is the next stage in its journey, and is testament to the quality of OzForex’s innovative online payments platform and ability to offer Travelex customers market-leading money transfer services around the clock.”
OzForex is one of Australia’s fastest growing companies, focused on providing a smarter, online alternative to existing foreign exchange services. Established in 1998 with the aim of providing individuals and corporate clients with a better deal, OzForex has offices in Sydney, Toronto, San Francisco, London, Hong Kong, and Auckland. The OzForex Group includes OzForex, UKForex, Canadian Forex, USForex, NZForex, Tranzfers and ClearFX. It is a strategic investment of Macquarie, Accel Partners and The Carlyle Group. The OzForex platform powers international money transfer services of ING Direct, Macquarie International Money Transfers and other international financial institutions.
Founded in 1976, Travelex has grown to become the world’s leading specialist provider of foreign exchange. Travelex provides cash and pre-paid cards to over 37 million retail customers each year, operating online as well as through a network of over 1,100 stores and close to 1,000 ATMs in 25 countries.
For more information please contact:
The PR Group representing OzForex
Phone: +61 401 496 334 (Australia)
International money transfers at better rates than the banks.