Stripe launches in Middle East with new Dubai office

Company's rapid expansion continues following $95bn valuation
Stripe launches in Middle East with new Dubai office

Patrick and John Collison, co-founders of Stripe, which employs 3,000 people across the world, including 300 in Dublin.

Digital payments giant Stripe is to open an office in United Arab Emirates' financial capital Dubai, its first expansion into the Middle East region.

Founded in 2010 by Limerick brothers Patrick and John Collison, Stripe is used by more than 50 companies, each processing more than $1bn annually to receive payments and bill customers.

Companies using the payments service include Google, Uber, Amazon and shipping giant Maersk.

Stripe said several companies were already using its services in the UAE, such as gym management software GloFox and online food ordering platform ChatFood.

The company said that to date, accepting online payments from the UAE has required onerous onboarding processes that take significant time and investment for businesses to complete, with most providers requiring physical in-person onboarding. 

Tech talent

Matt Henderson, EMEA business lead at Stripe, said the pool of tech talent in the Middle East is growing very rapidly. 

"However, 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,” he said.

Last month, Stripe pledged to create 1,000 jobs in Ireland after becoming Silicon Valley’s wealthiest private firm on foot of a €502m funding round that values the startup at $95bn.

Ireland's Strategic Investment Fund helped lead the latest funding round by investing $50m, along with private investors Allianz V, Baillie Gifford, Fidelity, and Sequoia Capital.

Stripe already employs 3,000 people across the world, including 300 in Dublin, and the capital looks set to attract the lion’s share of the more than 1,000 jobs coming this way in the coming years.

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