Stripe – a digital payment company and one of Silicon Valley’s most valuable Fintech companies is released in the United Arab Emirates for the first time in the Middle East. The tech company has chosen Dubai as the first state for the expansion in the Middle East and North Africa. Along with the launch, Stripe also plans to open an Internet Office in Dubai Internet City, making it the first office in the whole region.
The company was founded in 2010 by the Irish brothers Patrick and John Collision. Today, the company has over 50 companies that work with Stripe. These companies now process $1.5 billion annually to send and bill customers. Soon after the offices operating in the UAE will start using Stripe, the company tends to increase its growth.
As of now, there are thousands of businesses operating in the UAE, which use Stripe. Stripe accepts online payments, makes payouts, mitigates fraud, and expands globally. Stripe says that, with the launch of its services in the UAE, the business in the UAE will feel easy to make their products and services available in the UAE.
“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,” said Matt Henderson, EMEA Business Lead at Stripe. “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.”
Currently, Businesses in the UAE have to go through several onboarding processes that take a long time and investments for a business to complete. The process also requires physical in-person onboarding by most providers.
But with Stripe’s fast and secure online setup, things will be easier for UAE businesses to access the Internet economy.
Companies like Illusions Online, Aceplace, Chat Food, and WeKeep have already joined the pre-launch Stripe beta version in the UAE. With the UAE’s top companies joining, other global brands like GloFox have also started using Stripe in the UAE.
Conor O’ Loughlin, CEO of GloFox mentioned that they are excited to work with Stripe in the UAE. He further says that Stripe has helped brands like theirs to get easier access and make payments online in the UAE.
Matt Henderson, Stripe’s business lead for Europe, Middle East, and Africa when asked why they chose Dubai, Henderson replied, “The opportunity for start-ups in the UAE is enormous”. Since the opportunity for startups in the UAE is very large, the growth for Stripe is also very large in the UAE.
Till now, more than 10,000 companies have shown interest in Stripe’s UAE Launch. Because of the high demands, Stripe may only allow companies that have registered initially to manage the high demands.