Sunday 11 April 2021
Stripe, one of Silicon Valley’s most valuable private fintech companies, has chosen Dubai for its first expansion into the Middle East and North Africa (MENA).
The online payments company is expanding into the Middle East just weeks after its latest funding round, which pushed the company’s value to USD 95 billion, making it one of the most valuable private fintech firms in the world.
Stripe, started in 2010 by two brothers from Ireland, competes directly with PayPal, Adyen, and Square. Its software platform allows businesses to accept online payments.
The UAE already has a booming digital economy. Gym management software Glofox, already a global user of Stripe, said in a statement that Stripe’s launch in the UAE “can be a catalyst for global brands like ours to expand the products and services we’re able to offer to fitness businesses in the region.”
Lockdown measures across the world helped accelerate e-commerce, and the UAE is no exception. According to the International Trade Administration, the UAE’s e-commerce market is forecast to be valued at USD 27.1 billion by 2022.
Dubai is home to several regional success stories. Ride-hailing app Careem was bought by Uber for USD 3.1 billion in 2019. And Anghami, MENA's first legal music streaming platform, will be the first Arab tech company to list on New York’s Nasdaq.