$8bn Fintech Giant XE Joins TusPark Newcastle

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Global fintech company XE has joined TusPark Newcastle to grow its presence in the UK.

The $8bn company chose Newcastle as its first regional hub to work with small businesses around the UK, and if successful, will roll out more similar hubs in Manchester, Leeds and Brighton.

Although well-known for its currency exchange data platform, XE has other services such as payments, foreign exchange and more. It intends to work with and employ local people, such as the students from universities in the North East.

TusPark’s partnership with Barclays Bank makes it a natural fit for fintech companies like XE. Through TusPark Eagle Labs, Barclays offers services to members, such as Premier and Business banking through a personal service.

XE also hopes to grow its presence in China through the TusPark network and to explore fintech opportunities jointly.

Sam McIntyre, XE Europe’s managing director, said: “We are excited by the opportunity to work in a region that is home to a strong & diverse range of exciting international businesses with exceptional growth prospects.”

“By having a dedicated FX expert on the ground, businesses in the Northern Powerhouse regions of the North East, North West & Yorkshire can take advantage of our currency knowledge first-hand as we continue to help businesses overcome the complex challenges created by foreign currency risk via our international payments and FX risk management solutions. With Grant on board we will be able to proactively support the demand of a high-growth region in the UK.”