Toronto-based payment and foreign exchange company GFX Partners has been acquired by AFEX, one of the world’s largest non-bank global payment and risk management solution providers.
According to AFEX, which also acquired Toronto’s Jameson Bank earlier this year, the move is designed to consolidate its position in North American markets. The company plans to integrate GFX’s client base into its own network, which covers the US, UK, Europe, Middle East, Asia and Australia, but Canada’s strong import and export economy makes it particularly attractive to companies in the financial transaction space that are looking to establish themselves in foreign exchange markets. GFX claims to have served over 700 FX and international payments clients, many of whom are SMEs looking for the same level of service afforded to multinationals.
Christian Spaltenstein, General Manager of the Americas for AFEX, said of the acquisition: “Given the number of Canadian businesses that rely on import and export, managing payment and FX risk is a key concern. We look forward to working with a growing number of Canadian businesses as they address their global payment, treasury and risk management needs.”
“Joining with AFEX will give our clients access to a network of international payment and risk management solutions, vital for Canadian companies conducting business on a global scale,” added Michael J. Smith, President of GFX. “We’re excited about these new opportunities and look forward to continuing to support our clients.”
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Oh, what we wouldn't do to know the future! Like Biff and the Almanac in Back to the Future, all we need is a guide. Luckily the team over at Pivotl is on hand to give us one for the future of fintech.
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