Fintech startup officially enters the Middle East market.
Online payments company Stripe has chosen Dubai as its first hub in its official entry to the Middle East. Competing with PayPal, Stripe can be used by companies to accept online payments, as well as increase their reach with customers around the world where Stripe already has a strong presence.
Its first office in UAE will be situated at the heart of Dubai Internet City and will gradually expand its operations across the Middle East. It will be bringing its fast and secure online setup to companies that will make it simpler to access the internet economy.
“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.”
UAE-based companies like Illusions Online, Aceplace, ChatFood, and WeKeep have already started beta-testing Stripe on its payment platform in the region.
Commenting on Stripe’s launch in the UAE, Ammar Al Malik, Managing Director of Dubai Internet City, said: “We are delighted to welcome Stripe to the region and believe it will play a key role in cementing Dubai’s position as a global tech and talent hub. Fintech is at the heart of digital transformation. It is an engine of growth accelerating digitalization across many knowledge-based sectors. Stripe’s expansion to the UAE strengthens Dubai’s status as one of the world’s leading destinations for tech-enabled businesses. Its arrival also bodes well for the growth and acceleration of the digital economy and this move will allow Stripe to take advantage of the many opportunities this young region has to offer. As the leading technology district, we look forward to continuing to work with global brands to support the technology ecosystem as we have done over the last 20 years.”
Stripe is looking to immediately scale its local operations and has also announced the appointment of key personnel to head its Dubai office. This includes Alessandro Astone, formerly Head of Stripe Italy, who will now lead sales in the region as well as Edouard de La Jonquière, who will lead partnerships with Financial Institutions in the region.