The fintech startup is set to capitalise on UAE’s USD18.5 billion digital payment market.
Rated one of Silicon Valley’s most valuable private fintech companies, online payment platform Stripe has just set up in Dubai as part of its first expansion into the MENA region.
"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,” said EMEA Business Lead at Stripe Matt Henderson.
Businesses in the UAE will now be able to use the firm to make and receive online payments, as well as mitigate fraud and conduct payments with companies all over the world.
Founded in 2010 by Irish brothers Patrick and John Collison, Stripe is used by more than 50 companies, each processing over $1 billion annually to receive payments and bill customers. With its recent move to Dubai, it hopes to capitalise on the value of the digital payment transaction market in the UAE, which doubled to $18.5 billion in 2020.
The growth of UAE e-commerce is expected to continue, Stripe claimed, adding nearly $10 billion over the next two years.