The e-banking and international payments group, which currently has offices in London and Chester, has grown rapidly in recent years and had a turnover of £2.3 billion in 2018.

The new office will be headed up by John Kinghorn, vice president of affiliates and partnerships at Equals, and will allow the company to guide Scottish customers and businesses through its offering of money management products including expenses, international payments and travel card services.

The expansion follows the company’s recent rebrand from FairFX which saw it diversify its product offering to businesses and consumers using intuitive technology to help them get more out of their money, holidays and business spending. Equals aims to make money management simpler, from banking to travel money, and business finances to expenses.

Since 2007, the company has helped over a million customers better manage their money and in 2018 alone, they were trusted to move and manage over £2bn.

James Hickman, chief commercial officer, said: “Edinburgh is the UK’s second-largest financial services centre, making it a fantastic opportunity for the Equals Group and we’re excited to have a presence in the city.

“We pride ourselves on ensuring we address the shortcomings in the services provided by traditional banks and fintech alternatives and being closer to our Scottish customers allows us to fulfil this promise.

“This move means local businesses will be able to take further advantage of our currency management and spend products with support from the Equals team to guide them through the process, and we’re looking forward to working with customers and businesses across Scotland in the future.”