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One of Silicon Valley’s most valuable private fintech companies has chosen Dubai for its first expansion in the Middle East and North Africa.
Online payment company Stripe is expanding in the Middle East, just weeks after its last funding round, which brought the company’s value to $ 95 billion, making it one of the companies in most valuable private financial technology in the world.
“The opportunity for start-ups in the UAE is huge,” said Matt Henderson, Stripe’s sales manager for Europe, Middle East and Africa to CNBC’s Hadley Gamble on Monday in an exclusive interview. “The opportunity for Stripe is also very great.”
Stripe, launched in 2010 by two Irish brothers, competes directly with PayPal, Adyen and Square. Its software platform allows businesses to accept payments online.
Co-founders Patrick and John Collison, who are 32 and 30 respectively, are each worth more than $ 11 billion.
Why Dubai?
“The UAE clearly has a booming digital economy,” Henderson told CNBC. Businesses operating online in the UAE can now use Stripe to accept payments online.
Gym management software Glofox, already a global user of Stripe, said in a statement that the launch of Stripe in the UAE “may be a catalyst for global brands like ours to develop the products and services that we are. able to provide fitness businesses in the area. “
The benefit of bringing Stripe’s technology to Dubai, adds Henderson, is that “there are a lot of great local businesses that haven’t gone global yet. One of the ways that will help them develop and therefore resonate with investors is openness. these new markets. “
Commuters drive along Sheikh Zayed Road past commercial and residential properties in Dubai, United Arab Emirates.
Christopher Pike | Bloomberg | Getty Images
Lockdown measures across the world have helped accelerate e-commerce, and the UAE is no exception. According to the International Trade Administration, the UAE e-commerce market is expected to be valued at $ 27.1 billion by 2022.
“We have already seen more than $ 600 million in start-up investments in the UAE last year,” Henderson told CNBC. “The ingredients are there for a much, much bigger trajectory.”
“You also have this combination of talent, investment and entrepreneurship,” he added. “So we see that there will be a lot of exciting emerging tech companies in the UAE.”
The Careem app is displayed on an iPhone in a Dubai mall.
Christopher Pike | Bloomberg | Getty Images
The UAE is home to several regional success stories.
The Dubai-based Careem app was bought by Uber for $ 3.1 billion in 2019. And Anghami, the leading legal music streaming platform in the Middle East and North Africa, reported on the month. last that it would be the first Arab tech company to make the list. on the New York Nasdaq.
On the way to the IPO?
Stripe is said to be the most valuable private company to ever come out of Silicon Valley after its valuation nearly tripled in less than a year. This is worth more than Uber and Facebook were before their IPO.
Former Bank of England Governor Mark Carney sits on Stripe’s board, alongside Christa Davies, chief financial officer of insurance company Aon.
Tesla founder Elon Musk and billionaire investor Peter Thiel were the first investors in Stripe.
Despite rumors that Stripe is ready for public listing, Henderson told CNBC, “We’re actually really focused on how to grow, how to invest, and really serving our users.”
Henderson said the company aims to maintain “a culture of frugality, and we try to conserve our own resources and do things as automated as possible.”
While it is not yet known how many employees Stripe will add to the UAE, it plans to stick to its capital efficiency model, Henderson said, adding: “I think that will help us. served well. ”
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