Affinity Exchange, a London-based foreign exchange (FX) company, has opened a new office in Glasgow. This significant move underlines its commitment to serving the Scottish business community.
This move underlines the growing importance of the Scottish financial services sector and Glasgow’s key role in supporting it.
Glasgow’s financial landscape features organisations like Barclays, Morgan Stanley, Coutts, and JP Morgan, and now Affinity Exchange has added its services to a thriving business sector.
Financial and related professional services contribute about 10% to the Scottish economy, with a gross value added (GVA) of approximately £14.8 billion. They are also estimated to employ around 150,000 people, with major hubs in Glasgow and Edinburgh.
Affinity Exchange is a welcome addition to this sector as it specialises in bespoke FX solutions for businesses and individuals.
With a turnover of £167m after just three years since incorporation, it has earned a reputation for personalised services and competitive pricing, establishing itself as a trusted partner in the financial services industry.
Increased demand from Scottish businesses has driven Affinity Exchange’s decision to expand into Glasgow. Affinity Exchange has chosen to improve its service to existing relationships while expanding its coverage.
Jordan Stubbs, EMEA’s Head of Partnerships, will lead the Glasgow office. With over a decade of experience in financial markets, particularly in FX, he has helped clients decrease the risk and volatility of currency exposure.
His extensive knowledge of the Scottish economy and long-term relationships with household names across the region will be pivotal in driving growth. Jordan specialises in partnerships and will focus on developing synergies with other B2Bs in the region.
The team will initially consist of four members, with ambitions to expand by leveraging local talent as the company grows its presence in Scotland.
Jordan and the Affinity Exchange CEO, Sam Balla-Muir, have strong Scottish heritages. Jordan has recently relocated from London and currently resides near Loch Lomond.
As the first non-banking provider to open a Scottish office, Affinity Exchange is well-positioned to offer personalised FX strategies tailored to each client’s needs through in-person meetings.
The company sees significant opportunities in Scotland’s FX market, particularly with businesses operating in international markets, such as those in oil and gas and consumer goods such as whisky.
Balla-Muir said: “These factors create a climate that requires a certain level of currency management. We believe there is a real lack of value in what banks and other third-party FX providers offer here.
“Affinity’s belief is that Scottish businesses deserve better service and transparency in pricing, and we relish the opportunity to bridge that gap.”
“Our agile nature and specialist knowledge of foreign exchange gives our team a competitive edge in providing a truly personal level of service.”
Stubbs said: “As a massive part of our business is formed on partnerships, working with businesses and individuals who leverage our service to help their clients is key to our growth.
“We are committed to spreading awareness, and our long-time goal is to increase our market share to 5% of all SMEs requiring international trade by 2030.”
The company provides face-to-face FX health checks and utilises risk management tools like forward contracts to help clients navigate economic uncertainties.
Affinity Exchange is committed to utilising technology to enhance its services, such as its currency card programme for employee expense management.
By broadening its product offerings and adopting a kaizen approach, the company aims to improve its offerings continuously.
Balla-Muir added: “We are working on exciting developments that will enhance our offerings, including leveraging AI from global leaders in fintech to facilitate mass payments.”
“With access to a large and renowned panel of liquidity providers, we are able to leverage multi-billion-pound purchasing power and pass the savings we receive onto our customers.”
As this new and exciting chapter begins for Affinity Exchange, it remains dedicated to providing exceptional customer service, competitive pricing and customised FX solutions for the Scottish business community.
For more information on Affinity Exchange, please visit affinityexchange.co.uk
