OFX seeks fivefold growth as it relocates EU hub to Dublin

Financial services firm secures e-money licence from Central Bank of Ireland after Brexit drives decision to move out of London

Maeve McMahon, OFX chief executive of Europe and Ireland: ‘Germany is a key market that we’re going after, and we see a lot of potential in Ireland.’ Picture: Bryan Meade

OFX, the Australian money transfer and foreign exchange firm, is targeting fivefold growth in Ireland and the EU after it announced last week it will migrate its European headquarters from London to Dublin this year.

The financial services firm said it decided to move its main European office out of London in 2018 due to Brexit, and it secured an electronic money licence from the Central Bank of Ireland in 2020.

“The decision was driven by Brexit because it essentially created a trade border for us,” Skander Malcolm, chief executive of OFX, told the Business Post.