OANDA’s expansion plans: Are they becoming a bank? – FinanceFeeds investigates

FinanceFeeds has conducted an investigation upon hearing a number of suppositions that have been circulating within the FX industry regarding OANDA Corporation’s growth plans, including a possibility that the company may be looking toward becoming a bank.

The technology-led Canadian company has quietly embarked on certain strategic expansions in recent years, including a foray into the lucrative Far East region, led by prominent industry figure Rajesh Yohannan as CEO of the Asia Pacific operations in Singapore, who is a regular speaker at international FX industry events.

Last week, OANDA Corporation obtained IBFX’s retail client base in the United States, migrating 2,000 Tradestation users to OANDA’s proprietary fxTrade platform as part of its expansion within its native North America.

FinanceFeeds today spoke to OANDA Corporation’s CMO Drew Izzo to gain full perspective into the company’s expansion plans, including venturing into the bank sector. Whilst the company did not deny this, it is clear that very comprehensive expansion into new areas is on the cards.

Mr. Izzo said

“OANDA is continuing to execute on a plan to aggressively grow organically, and occasionally inorganically when the right opportunity arises as we have recently with Tradestation Forex. We will continue to build and enhance our products and services to better serve our clients. As a private company we do not share or comment on our strategic roadmap.”

FinanceFeeds will continue to report in detail on this matter as it progresses.