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OFX Group: Shares surge on WiseTech partnership

November 8, 2020

Shares in payment specialist OFX Group (OFX) surged today after the payment specialist struck a partnership with tech giant WiseTech (WTC)
Under the deal, WiseTech will make OFX its preferred provider for international payments
According to OFX CEO Skander Malcolm, today’s deal will streamline international payments for WiseTech customers and save them money
The deal will only officially launch in 2022 and will last for three years
Importantly, OFX says the deal will bring in at least $5 million in fee and trading revenue and deliver “material” earnings growth
Investors seemed impressed with the deal, with OFX shares closing 9 percent higher at $1.33 a pop