Is OFX profitable in 2026?

OFX remains profitable but shrinking fast. FY26 (year ended 31 March 2026) revenue fell to A$203.9m, down 8.1% YoY, while underlying EBITDA collapsed to A$25.2m, down 56.4% from FY25, per OFX's own FY26 Trading Update dated 19 May 2026.

Is OFX being sold or acquired?

OFX announced a Strategic Review on 5 February 2026 to explore a sale or other options, citing inbound inorganic interest. As of a 30 June 2026 update the review remained active and ongoing with no transaction announced yet; a 1Q27 trading update was due 23 July 2026.

Who are OFX's biggest competitors?

OFX's main rivals are Airwallex, Wise, and Ant Group-backed WorldFirst. Airwallex holds 80+ regulatory licenses versus OFX's roughly 50 (per company sites, 2026), and Wise undercuts OFX with transparent self-serve pricing versus OFX's spread-based dealer model.

Could AI replace OFX's core business?

OFX's dealer-assisted FX execution, onboarding, and basic FX-risk advisory are increasingly automatable; rivals like Wise and Airwallex already use algorithmic pricing. OFX itself published AI and Beta Terms of Use around 11 May 2026 and cites AI agent deployment for onboarding and workflows in FY26 investor materials.

What is OFX's market cap and stock performance in 2026?

As of 21 July 2026, OFX's market cap was roughly A$122 to 134 million, with shares around A$0.55, down from a 52-week high of A$0.92 and far below its all-time high of A$3.55, per gurufocus.com data cited 21 July 2026.

Does OFX have a growing segment despite overall decline?

Yes. OFX's Enterprise segment grew revenue 23.5% in FY26 (year ended 31 March 2026), its third straight year of double-digit growth, and non-FX revenue (cards, subscriptions, wallet interest) grew 177.4% from Q1 to Q4 FY26, per OFX's FY26 disclosures dated 19 May 2026.

Payments companies · acquisition pending · Australia

OFX

ofx.com ↗

OFX moves money across borders for businesses and consumers, and is now up for sale.

Losing its protection

Assessed 21 July 2026 · Evidence as of 21 July 2026

The structural protection is eroding.

On the recordSince 21 July 2026 · Checkable from 23 July 2026 to 5 August 2026 · Every call on the record Checkpoint: Strategic Review outcome expected around 1Q27 trading update, plus AGM shareholder pressure

The call

OFX's core FX business is shrinking under cheaper, faster-moving rivals while its own board looks for a buyer to decide what happens next.

OFX helps businesses and people send money across borders, making money by charging fees on currency exchanges. It is getting harder to compete because companies like Airwallex and Wise have more government licenses, better technology, and lower prices, so customers are leaving OFX for them. The company is officially for sale, and whether a buyer appears, or whether its newer enterprise business starts growing fast enough to matter, will decide if OFX survives as an independent company or gets bought out at a low price.

Why

AI pressure: Wise. Wise's self-serve, transparent pricing and automation undercut OFX's dealer-quoted spreads, pulling price-sensitive customers away. Could AI do the core job? Only partly.

Bigger players: Airwallex. Airwallex holds 80+ licenses versus OFX's 50 and grows faster in the same SME and mid-market FX customers OFX depends on. Could a giant copy it? Yes, easily.

What protects it. Long-standing regulatory licenses and dealer relationships still let OFX process large corporate transfers rivals can't yet fully match.

What would change this call

OFX Strategic Review outcome announced or lapses around the 5 August 2026 AGM. Shows whether a buyer values OFX enough to acquire it or whether it stays a shrinking standalone business.
FY27 quarterly updates on Corporate and Consumer FX revenue trend. Shows whether core FX revenue decline (down 9% to 13.8% in FY26) is stabilizing or continuing to shrink.
Enterprise segment share of total OFX revenue over next 18 months. Shows whether the one growing segment (+23.5% in FY26) becomes large enough to offset core decline.

Key numbers

FY26 revenue A$203.9m, down 8.1% YoY (2026-05-19)
FY26 EBITDA A$25.2m, down 56.4% (2026-05-19)
Share price A$0.55, down from A$3.55 all-time high (2026-07-21)

Named risks

Strategic Review may terminate without a transaction, risking stock re-rating downward. Severity: high
Core Corporate and High-Value Consumer FX revenue continues shrinking (down 9% and 13.8% in FY26). Severity: high
Better-funded rivals (Airwallex, Wise) hold equal or superior licensing and faster growth in same segments. Severity: high
CFO turnover during unresolved sale process adds execution risk. Severity: medium
Australian business confidence at -29 (lowest since April 2020) depresses transaction volumes. Severity: medium

Rivals, as read in July 2026

Rival	Direction	Evidence
Airwallex	losing to	Holds 80+ licenses vs OFX's ~50 and markets itself as OFX alternative, as of 2026-06-01
Wise	losing to	Undercuts OFX with transparent self-serve pricing vs OFX's spread-based dealer model, 2025-09
WorldFirst	contesting	Ant Group-backed rival competing for SME/marketplace-seller FX business

Questions people ask

Is OFX profitable in 2026?: OFX remains profitable but shrinking fast. FY26 (year ended 31 March 2026) revenue fell to A$203.9m, down 8.1% YoY, while underlying EBITDA collapsed to A$25.2m, down 56.4% from FY25, per OFX's own FY26 Trading Update dated 19 May 2026.
Is OFX being sold or acquired?: OFX announced a Strategic Review on 5 February 2026 to explore a sale or other options, citing inbound inorganic interest. As of a 30 June 2026 update the review remained active and ongoing with no transaction announced yet; a 1Q27 trading update was due 23 July 2026.
Who are OFX's biggest competitors?: OFX's main rivals are Airwallex, Wise, and Ant Group-backed WorldFirst. Airwallex holds 80+ regulatory licenses versus OFX's roughly 50 (per company sites, 2026), and Wise undercuts OFX with transparent self-serve pricing versus OFX's spread-based dealer model.
Could AI replace OFX's core business?: OFX's dealer-assisted FX execution, onboarding, and basic FX-risk advisory are increasingly automatable; rivals like Wise and Airwallex already use algorithmic pricing. OFX itself published AI and Beta Terms of Use around 11 May 2026 and cites AI agent deployment for onboarding and workflows in FY26 investor materials.
What is OFX's market cap and stock performance in 2026?: As of 21 July 2026, OFX's market cap was roughly A$122 to 134 million, with shares around A$0.55, down from a 52-week high of A$0.92 and far below its all-time high of A$3.55, per gurufocus.com data cited 21 July 2026.
Does OFX have a growing segment despite overall decline?: Yes. OFX's Enterprise segment grew revenue 23.5% in FY26 (year ended 31 March 2026), its third straight year of double-digit growth, and non-FX revenue (cards, subscriptions, wallet interest) grew 177.4% from Q1 to Q4 FY26, per OFX's FY26 disclosures dated 19 May 2026.

Timeline

2026-06-30OFX update: Strategic Review remains active and ongoing, no deal yet
2026-05-19FY26 results: revenue A$203.9m (down 8.1%), EBITDA A$25.2m (down 56.4%)
2026-05-11OFX publishes AI and Beta Terms of Use for AI-powered client features
2026-04-23OFX advances select parties to next phase of Strategic Review
2026-02-23New CFO appointed after Selena Verth's resignation
2026-02-05OFX announces formal Strategic Review to explore sale or other options
2025-05-20FY25 results: revenue A$221.9m, down 3.4% YoY
2022-05-01OFX completes C$90m acquisition of Firma Foreign Exchange
2013-10-11OFX IPOs on ASX at approximately A$480 million valuation
1998Company founded in Sydney by Matthew Gilmour as OzForex

Revision history

21 July 2026

First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.

In the same band

Ant Group PayPal Holdings Fiserv