OzForex plans to double revenue, shares go on a tear

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Currency exchange service website OzForex is rebranding under the name OFX as it positions itself to rapidly expand its digital borderless payment business.

OFX, founded in 1998 on the northern beaches of Sydney, now has a target to double revenue in the next three years to $200 million and consolidate all seven brands.

“Our new name (logo right) will reflect where we are as a business, one single identity for all of our teams across our global operations,” recently appointed CEO Richard Kimber said.

“By transitioning to OFX across all our markets we will be increasing our efficiency, reducing costs and building a global brand. This lets us continue to leverage our technology platform.”

The company is forecasting 2016 earnings between $38.5 million and $40.5 million.

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