OzForex CEO: Here's why we're ditching the company name

Richard Kimber. Supplied.

Richard Kimber is about to change the name of OzForex just a few months after taking over as CEO of the online currency transfer company.

It’s all about expansion.

He’s already getting good growth, with turnover up by about one third to $10 billion over the latest half year, and wants to build on it. But the current name, which is distinctively Australian, is getting in the way.

“We want to broaden the appeal of the business to a more global brand,” Kimber told Business Insider.

In Europe and the US, having OZ as part of the brand doesn’t work. The company now has a cumbersome string of brand names around the world to fit local conditions.

“The other thing we wanted to change was the term forex,” Kimber says.

“In the US they don’t really know what forex is. I think forex is a form of Australian colloquialism. OZ and Forex together makes sense in Australia but makes less sense the further away from Australia you get. They don’t know what we’re talking about.”

The company has decided to call itself OFX. This change will happen before Christmas.

The new brand.

“So instead of being OzForex, USforex, it will be one global brand which will be OFX,” Kimber says. “And we are changing our domain to OFX.com, a three letter domain, gold in terms of real estate.”

The big benefit is being able to leverage marketing collateral across countries and to be more recognisable globally as the one business.

“We’ll have a new website to coincide with that,” he says. “We’ve been working really hard to have a new front door, a showroom. That’s going to have a completely new look and feel and have a mobile responsive site. We’re seeing more and more people accessing our service from mobiles.”

And the company will soon move to a seven-day operation.

“So if there’s a payment to be made over the weekend, even when the markets are shut, we can facilitate that.” he says.

“You can send money from your phone and it’s particularly good for repeat payments to a family member or someone overseas you can use that (the app) to send money across.”

For Kimber, working at OzForex — or OFX as it will be soon — the last five months has been like drinking at a firehose.

“It’s fun the first few months in any role like this,” he says.

“For me it’s been a great blend of my background. I have a financial services and an internet background. It’s kind of the perfect job for me. It’s a global job based out of Sydney and it doesn’t get much better than that.”

The company is on an accelerated growth path, focusing on acquiring new customers and expanding geographically.

In the latest half year results, the company posted underlying net profit up 12% to $12.309 million. Statutory profit was down 6% to $11.223 million because of a series of one-off costs including a proposed acquisition which stalled.

“We looked at an acquisition which didn’t go ahead,” Kimber says. “The work started before I arrived and in the end the price got too rich and we didn’t proceed. There were some costs incurred which won’t appear in the second half.”

The next six months will see a better statutory profit result.

“We are going to invest in growth,” Kimber says.

Kimber took over on June 1 from Neil Helm, a former Macquarie Bank executive director, who was CEO for eight years, OzForex from a startup to an ASX listing in 2013.

When he was appointed, Kimber said: “OzForex is very well positioned to become Australia’s best FinTech export. I believe it is one of the most exciting international businesses listed on the ASX and has tremendous potential to grow.”

The OzForex share price is at $2.71, up from a low of $2 over the last six months.

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.