Today Stripe, a global technology company that builds economic infrastructure for the internet, announced its official launch in the United Arab Emirates.
A major milestone, today’s launch marks Stripe’s first expansion into the Middle East.
Stripe’s entry into the UAE was supported via its partnership with Network International, a leading enabler of digital commerce across the Middle East and Africa (MEA) region.
Any business operating online in the UAE can now apply to use Stripe to accept online payments, make payouts, mitigate fraud, and expand globally to reach customers all around the world. Similarly, today’s announcement means it will be easier than ever for the leading global businesses already using Stripe to offer their products and services in the UAE.
The total value of digital payment transactions in the UAE has more than doubled in the last two years, with $18.5 billion of transactions in 2020 1, as lockdown measures accelerated a surge in online commerce2. The growth of UAE e-commerce is forecast to continue, with the sector expected to add nearly another $10bn over the next two years.
“We are delighted to have supported Stripe’s entry to the UAE, and today’s announcement marks an exciting step in Network’s journey as well. We have been working closely with Stripe for some time, and the launch is the culmination of our successful partnership. As a global innovator in payments technology, Stripe will help to open significant growth opportunities to the UAE’s internet economy, enabling UAE businesses to trade online around the world. We are proud to have played an active role in bringing Stripe to the Middle East, and we are excited to welcome Stripe to the region,” said Nandan Mer, Group Chief Executive Officer, Network International.
Network International will act as Stripe’s sponsor for Visa and Mastercard Acquiring BINs (Bank Identification Number), enabling the UAE-based payments company to seamlessly manage funds settlement on behalf of Stripe’s local merchant clients.
“Stripe is excited to have found a strong partner in Network International, who have been invaluable to our launch. We are seeing a structural shift in payments in the UAE, and across the broader Middle East, with more and more companies trading online and consumers migrating to digital payments. We are hugely excited about the vast growth potential for digital payments in the UAE, and our ability to enable the region’s growing crop of innovative businesses and entrepreneurs reach more users online, and achieve greater scale.” said Matt Henderson, EMEA Business Lead at Stripe.
“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. “Our launch in the UAE marks a crucial milestone in our journey, as we now look to invest into growing our operations in the region and help accelerate the UAE’s vibrant digital economy. We look forward to expanding our team on the ground to equip local businesses with best-in-class technology infrastructure.”
Stripe is backing its commitment to the UAE with immediate investment, scaling its local operations via the appointment of key personnel to its Dubai office. Alessandro Astone, formerly Head of Stripe Italy, will lead sales in the region and Edouard de La Jonquière will lead partnerships with Financial Institutions in the region.
The UAE marks yet another step forward in Stripe’s global expansion, following from the company’s launches in 2020 in Czech Republic, Hungary, Romania, Bulgaria, Cyprus, Malta and Stripe’s expansion into Africa via Nigeria technology startup Paystack. Globally, Stripe processes hundreds of billions of dollars each year for millions of businesses worldwide. Today’s launch will enable the UAE to access Stripe’s global user base and will be a major catalyst in stimulating the region’s growing technology sector for the long term.