Online payments platform Stripe, rated one of Silicon Valley’s most valuable private fintech companies, has set up in Dubai as part of its first expansion into the Middle East and North Africa region.
It was entering the market in partnership with Dubai-based payments processor Network International, Stripe said in a statement Tuesday.
Matt Henderson, EMEA Business Lead at Stripe said: “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 said several companies were already using its services in the UAE, such as gym management software GloFox and online food ordering platform ChatFood.
The company says that businesses in the UAE will now be able to use the firm to make and receive online payments, as well as mitigate fraud and do business with companies all over the world.
Stripe, which was founded in 2010 by Irish brothers Patrick and John Collison, is used by more than 50 companies, each processing over $1 billion annually to receive payments and bill customers.
By its latest move to Dubai, it hopes to capitalise on the value of digital payment transaction market in the UAE, which doubled to $18.5 billion in 2020.
The growth of UAE e-commerce is forecast to continue, Stripe said, with the sector expected to add nearly $10 billion over the next two years.
(Writing by Imogen Lillywhite; editing by Brinda Darasha)
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