AFEX, a Woodland Hills provider of cross-border payment services for businesses, has purchased GFX Partners in Toronto, the company announced Monday.
GFX provides payment and foreign exchange services to both personal clients interested in foreign mortgages or paying school fees, and corporate clients that handle foreign currency transactions.
Christian Spaltenstein, general manager of the Americas for AFEX, said the acquisition will strengthen AFEX’s position in the Canadian and North American markets.
“Given the number of Canadian businesses that rely on import and export, managing payment and FX risk is a key concern,” he said in a statement. “We look forward to working with a growing number of Canadian businesses as they address their global payment, treasury and risk management needs.”
The purchase follows the April acquisition of Jameson Bank, also headquartered in Toronto, which provides services similar to what AFEX offers and brought its roster of nearly 4,000 Canadian clients to the deal. In addition, the acquisition gave AFEX new offices in several large Canadian cities.
Founded in 1979, AFEX is a global payment and risk management company with more than 24,000 clients. It offers an array of services, including foreign currency drafts, wire transfers and risk management.