Stripe, an online payment processing firm, announced yesterday that the company has officially launched its services in the United Arab Emirates (UAE). Additionally, the fintech firm is opening an office in Dubai Internet City.
According to the official announcement, the recent launch represents the company’s first expansion into the Middle East. Stripe mentioned that businesses operating online in the United Arab Emirates can use Stripe to accept online payments. The company added that existing global businesses using Stripe’s technology can make their products and services available in the UAE.
The company mentioned that several UAE-based companies, including Illusions Online, Aceplace, ChatFood and WeKeep participated in Stripe’s pre-launch beta testing. In addition, Stripe highlighted the growing market of digital payment transactions in the UAE amid lockdown measures.
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Commenting on the latest announcement, Matt Henderson, EMEA Business Lead at Stripe, said: “The UAE is a thriving hub for technology, supported by strong investor appetite, internet-savvy consumers and an open innovative ecosystem of business leaders and entrepreneurs. Similarly, the pool of tech talent in the Middle East is growing very rapidly. However, companies still face challenges when trying to accept payments, make payouts and manage the financial side of internet businesses. Stripe removes these complexities, so businesses can focus on what makes them special. Our launch today also means we can now connect our global user base to the Gulf, enabling them to seamlessly expand their operations in the region.”
Stripe’s Funding Round
The US-based company recently raised nearly $600 million in a funding round led by Allianz X, Axa, Baillie Gifford, Fidelity Management & Research Company, Sequoia Capital and Ireland’s National Treasury Management Agency (NTMA). The fintech company received a valuation of $95 billion. The firm mentioned that it has partnered with Network International for its entry into the UAE.
“Stripe’s presence in the region is an attractive calling card that will likely encourage global enterprise-level organizations to do business in the UAE and broader Middle East,” the company added.
Finance Magnates earlier reported that Mark Carney, former Governor of the Bank of England, has joined Stripe’s Board of Directors.