Stripe has recently received extra funding of $600 million. Besides, the firm stated that it was launching its new service market in Dubai Internet City.
One of the most prominent Fintech firms in Silicon Valley, Stripe, has expanded its operations into the Middle East by launching its first office at Dubai Internet City.
Stripe is now available in the United Arab Emirates. 🇦🇪
— Stripe (@stripe) April 6, 2021
This move comes when the firm is seeking to establish ground in North Africa and the Middle East. Stripe is an online payments platform that is just looking to expand into the Middle East. The company recently received funding of $95 billion, and this grew its value to $95 billion. The new valuation places it among the most valuable private Fintech corporations globally.
Stripe is a Fintech corporation that was started in 2010 by a partnership between two brothers. Its competitors include Adyen, Square, and PayPal. By partnering with Stripe, firms can make and receive online payments.
Why choose Dubai?
According to Matt Henderson, the business leader for Stripe in Europe, the new UAE market will enable them to exploit the enormous opportunities in this market. Henderson also affirmed that the UAE had a well-performing digital economy. By Stripe venturing into this market, they would enable firms in the region to partner with Stripe to receive online payments.
Henderson added that introducing Stripe in the UAE would be a catalyst for globalization. It will be the ideal chance for local businesses to become global players by investing in new markets. The immense resources and human resources available in the UAE also create an opportunity for tech businesses to grow.
Most businesses have come out to support Stripe’s business move. Glofox, a gym management software, stated that they would enjoy immense benefits from Stripe’s launch in the UAE because it will help them achieve a global reach for their products and services. Through Stripe, Glofox will now be able to establish a presence in the UAE.
Stripe is the most valuable firm from Silicon Valley. It also has a great leadership team headed by Mark Carney, the former governor of the Bank of England, and its CFO, Christa Davies, from Aon. Rumors regarding Stripe going for its initial public offering have been disregarded by the company. Henderson affirms that the firm was committed to using its current working model to support efficiency. If Stripe were to go for an IPO, it would be worth more than Facebook and Uber before they were publicly listed.