ClearXchange Co-Founder Joins International Payments Provider to Lead North American Growth
SYDNEY & SAN FRANCISCO–(BUSINESS WIRE)–OFX Group Limited (ASX: OFX), one of the world’s largest international payments providers, today announced the hire of Mike Kennedy as President, North America, effective immediately. Mr. Kennedy, who previously co-founded, led and organized the sale of digital payments platform clearXchange, joins OFX’s Group Executive Team as it focuses on fueling its North American growth.
In its last fiscal year, OFX handled nearly $20 billion in global money transfer funds.
In this newly created position, Mr. Kennedy will be responsible for overseeing OFX’s North American operations and accelerating the delivery of OFX’s growth in this region. As a publicly traded Australian firm, OFX has grown steadily over 19 years to become a global leader in the international money transfer market. As the international interests of small businesses and consumers increase, global money transfer services are rapidly becoming an essential part of modern life. In addition to the US, Canada and Australia, OFX serves customers in the United Kingdom, New Zealand and Hong Kong. In its last fiscal year, OFX handled nearly $20 billion in global money transfer funds. The firm is now poised to boost its already positive year-on-year growth in North America under Mr. Kennedy’s leadership.
“Attracting someone of Mike’s caliber underlines the tremendous opportunity we have in establishing OFX as a leader in the North American market,” OFX Chief Executive Officer and Managing Director, Skander Malcolm said. “Mike’s experience founding, leading and rapidly growing clearXchange, a leading digital payments company in the US, combined with his success and connections across traditional banking and emerging fintech, made him the natural choice to boost OFX’s momentum in North America,” he concluded.
Mr. Kennedy is an accomplished executive with significant US and international experience in payments, fintech and management consulting. He most recently was the co-founder and CEO of high-growth digital payments company, clearXchange. After founding and leading clearXchange to ubiquitous adoption, Mr. Kennedy sold the company in early 2016 to Early Warning, a top provider of digital risk management solutions.
“OFX challenges traditional ways of moving money internationally, with trusted technology and outstanding customer service that is relied upon in the moments when customers need it most,” said Mr. Kennedy. “I’m excited to apply my knowledge and expertise of the US payments market to help customers with international money transfer needs here discover the value of OFX. The market is ripe for modernization with new methods for sending and receiving payments internationally. OFX is in a great position to serve the changing financial needs of an increasingly globalized world.”
Before founding clearXchange, Mr. Kennedy was an Executive Vice President with Wells Fargo and an Engagement Manager at McKinsey & Co. He has a Master of Business Administration, with distinction, from Harvard Business School and a Master of Science, Industrial Engineering and Bachelor of Science, Industrial Engineering, with distinction from Stanford University.
OFX gives consumers and businesses a smarter, online and mobile alternative to existing currency exchange services. Since its launch in 1998, OFX has transferred more than $100B in 50+ currencies across the globe. Drawing from two decades of experience, OFX Group is a leading global money transfer business, with over 300 employees and offices in San Francisco, Sydney, Toronto, San Francisco, London, Hong Kong and Auckland.
The OFX Group Limited is a publicly listed entity on the Australian Securities Exchange (“ASX”) under the code “OFX.” The OFX Group is consolidating services under the global brand OFX from prior and existing brands OzForex, UKForex, USForex, CanadianForex, NZForex, Tranzfers and ClearFX. OFX also powers the international money transfer services of MoneyGram, ING Direct, Macquarie International Money Transfers and other international financial institutions. USForex Inc. dba OFX. OFX is the registered trade name for USForex Inc. a licensed money transmitter. NMLS #1021624. For more information on OFX, visit OFX.com.
For more information, please contact:
Justin Lavelle, Justin Lavelle Communications, LLC
Melita DeHazes, OFX