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‘Most valuable’ US startup, Stripe in Dubai with eye on UAE’s $10b+ online payments space

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Do it the Stripe way… The tech company has made quite the headway in the online payments universe, and its valuations have rocketed to near $100 billion.
Image Credit: Virendra Saklani/Gulf News

Dubai: Stripe, rated as most valuable startup in the US, is setting up base in Dubai. It has picked Dubai Internet City for the regional headquarters and from where it will extend its online payment services to this market.

Businesses with online operations – and these days everyone is – in the UAE can use Stripe to accept online payments, make payouts, and reach customers anywhere. “It will be easier than ever for the network of leading global brands already using Stripe to bring their products and services to the UAE,” a statement said.

“Businesses still face challenges when trying to accept payments, make payouts, and manage the money side of internet businesses,” said Matt Henderson, the EMEA Business Lead. “Stripe removes these complexities so businesses can focus on what makes them special.”

The total value of digital payment transactions in the UAE has doubled in the last two years, with $18.5 billion of transactions in 2020, helped on, of course, by the lockdown measures and the subsequent surge in online commerce. The sector expected to add nearly another $10bn over the next two years.

What does Stripe do?

Stripe creates the online payment gateways for businesses to engage in online payments. The gateway then send in the credit card payment info to the processor.

Pretty straight forward all this, but this has made Stripe a partner of choice for businesses working on expanding their presence in the cyber universe.

Local support

Stripe’s market entry is supported via a partnership with Network International, the payments processing company. “We see a significant opportunity for technology innovation in the UAE, and we are excited to play a role in the region’s rapidly growing ecommerce market,” said Alessandro Astone, MENA Regional Sales Leader at Stripe. “Online merchants in the UAE will finally get access to a range of best-in-class payment capabilities, fraud prevention tools, subscription and invoicing software, and to a full infrastructure to manage split payments and payouts, all in one single platform.”

Fintech is at the heart of digital transformation. Stripe’s expansion to the UAE strengthens Dubai’s status as one of the world’s leading destinations for tech-enabled businesses

– Ammar Al Malik, Managing Director of Dubai Internet City


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