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 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.