FinTech: Stripe Enters The Middle East

April 6, 2021 | FinTech, News
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Stripe has launched in the U.A.E

Payments processing giant Stripe announced Monday its official launch in the United Arab Emirates, marking the company’s first expansion into the Middle East.

With the UAE launch, businesses in the UAE can make payments across the world, while existing global users of the company can now access the UAE for growing their business in the region. (Stripe)

“[UAE] 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. “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.”

Pandemic drive surge in digital payments

According to the company, digital payments in the UAE have doubled over the last two years following the dramatic surge during pandemic lockdowns. 2020 saw $18.5 billion of transactions, and it is estimated that over the next two years, another $10 billion would be added.

The firm will open a new UAE office in Dubai Internet City.

“Fintech is at the heart of digital transformation,” said Ammar Al Malik, Managing Director of Dubai Internet City. “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.”

Global expansion

UAE, the latest expansion by Stripe, follows on 2020 launches in Czech Republic, Hungary, Romania, Bulgaria, Cyprus, and Malta.

In Africa, the fintech launched through Nigeria technology startup Paystack.

Related Story:    Dubai’s Fintech Hive and Israel’s Fintech Aviv Reach Landmark Agreement

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