DUBAI: Rapyd, a global FinTech-as-a-Service company, today announced the opening of its new Dubai office as it seeks to become the first Israeli company to be regulated in the UAE.
Rapyd has been registered at Dubai International Centre (DIFC), the leading global financial centre in the Middle East Africa and South Asia (MEASA) region. Additionally, Dubai Financial Services Authority (DFSA), the independent regulator of financial services conducted in or from the DIFC, has granted an In-Principle Approval (IPA) to Rapyd under its money services regime. Rapyd expects to be fully authorised to conduct financial services once it fulfils the DFSA’s In-Principle requirements.
The office opening in Dubai is the latest activity from Rapyd - hot on the heels of global acquisitions and a large Series E fundraising of US$300 million – which further bolsters the business’ reputation as a pioneer in not only the FinTech industry, but also technology as a whole.
Rapyd aims for Dubai to become a development hub to support its vast expansion and growth needs. It has ambitious plans to hire 120 employees in Dubai across the R&D, product, operations and HR departments within the next 18 months.
The UAE aims to become home to 20 unicorns–tech companies worth US$1 billion or more by 2031, according to the UAE Entrepreneurial Nation initiative.
Marking the next step in Rapyd’s unparalleled global expansion as a decacorn, this move further reiterates Rapyd’s commitment to the region as it opens its new development hub in Dubai.
Arik Shiltman, CEO of Rapyd, said, "Rapyd is revolutionising how a FinTech company should operate by taking the unprecedented step to becoming the first Israeli company on the road to becoming regulated by the DFSA, allowing the company to establish strong roots in Dubai and grow across the UAE and beyond."
The company celebrated the landmark office opening on 11th May this year alongside key decision makers and government officials within Dubai.
Arif Amiri, CEO of DIFC Authority, commented, "Dubai and DIFC continue to cement their position as one of the world’s top hubs for technology and innovation firms by offering the most comprehensive proposition that helps start-ups, global players and unicorns access the fast-growing markets of the MEASA region. We are delighted that Rapyd, the first Israeli firm to be regulated in the UAE, has chosen DIFC as its strategic development hub."