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Carlyle and Accel take a stake in OzForex
The Australian, 24 November 2010PRIVATE-equity giant Carlyle Group and venture-capital firm Accel Partners have bought into Australia's OzForex Group.
OzForex is an online foreign exchange payments platform majority-owned by a unit of Macquarie Group.
Volumes in Sydney-based online currency platforms have risen sharply in the past year, helped by a surging dollar and deep pension savings pool.
In coming to Australia, Carlyle joins fellow private-equity firms Gain Capital, which owns Forex.com, and eToro.com owners BRM Group and Cubit Investments, which have targeted Australia to expand their retail forex trading footprint in Asia. Both Forex.com and eToro.com have opened Sydney offices this year.
Foreign exchange trading is one of the world's biggest markets, with about $US4 trillion ($4.1 trillion) changing hands every day, according to a recent benchmark study by the Bank for International Settlements.
OzForex, which specialises in electronic funds transfers, plans to use the capital injection to push into Asian, North American and European markets.
Financial details of the investments were not disclosed, but both funds will have a seat on the company's board.
Accel partner Ryan Sweeney said both companies had taken an equal-sized "significant minority" stake in OzForex as they looked to cash in on the world's online transfer payments market and growth in FX volumes.
Dow Jones Newswires
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