Stripe Finally Expands Into the UAE
Since early on in 2019, Stripe has been working on expanding its presence throughout the Middle East, with a focus on current projects in the United Arab Emirates. Stripe recently opened an office in the information technology park of Dubai Internet City, which comes mere months after the introduction of a private beta. As a top hitter in the field of online payments with ongoing expansions in the Middle East, Stripe is in direct competition with Adyen.
Stripe is serving businesses in the UAE, as a means to enable companies to make payouts, and accept online payments from customers across the globe. Existing clients of Stripe will benefit from the launch, especially as service availability and products spread across the Middle East. Overall, the company is hopeful that its presence in the region will go to great lengths in encouraging other organizations to conduct business in the same region, and beyond.
UAE companies will find it simpler to access the internet economy, thanks to Stripe’s secure online setup. Known for their developer-friendly interfaces, Stripe set out to make the requirement of physical, in-person onboarding a thing of the past throughout the UAE. Additionally, their launch meant that their global user base of the gulf, would enjoy greater connectivity for worldwide operation expansion.
“The pool tech talent in the Middle East is growing rapidly, however, companies currently face challenges when it comes to accepting payments and making payouts. Additionally, internet businesses struggle to manage the financial side of their online commerce. The UAE is now a thriving hub for technology, with the overwhelming support of internet-savvy consumers, and a strong investor appetite”, said Matt Henderson, EMEA Business Lead at Stripe.
Stripe’s UAE launch
Businesses who had an official interest in Stripe’s UAE launch will receive the opportunity to take advantage of initial services. In order to manage the overwhelming demand, invites will be queued appropriately throughout this initial phase of availability in this region. Stripe’s UAE launch has a waitlist of over 10,000 companies, such as startups like WeKeep, and ChatFood. Many of the businesses chomping at the bit, took part in Stripe’s pre-launch beta, in order to test out various services, and get a jump start on the launch.
Through a partnership with Network International, a business headquartered in Dubai, Stripe was successful in its UAE launch. Stripe’s last round of funding valued the company at $95 billion preceded their Middle Eastern expansion, sufficiently making it the most valuable US based private company.
Regarding the growth potential of digital payment systems in the UAE, Matt Henderson said, “The overall growth of the UAE’s e-commerce is bound to continue to over $10 billion in the next two years”. With digital payment transactions doubling over the past two years in the UAE, it’s no surprise to learn that over $18.5 billion worth of transactions actualized in 2020 alone.”