Few weeks ago, digital payment platform Stripe completed a fundraising round after which its value rose to $95 billion. The company, as part of its expansion plans said it was going to open an office in Dubai. Yesterday, the unicorn announced the opening of its office in Dubai, the finance capital of the United Arab Emirates. This is the company’s very first expansion into the Middle East region.
Stripe was founded in 2010 by Irish brothers; Patrick and John Collison and became the most valuable US startup after dethroning Elon Musk’s Space X last month. The payment platform’s value rose to a whopping figure of $95 billion after it capitalized on the boom in e-commerce (caused by the coronavirus disease and the lockdowns that ensued) with a round in fundraising round that took place last month. Stripe has its headquarters in San Francisco and Dublin and is one of the biggest payment platforms in the world. The payment platform is used by over 50 global companies to process payments; each company processes at least a billion dollars’ worth of transactions every year using the platform. Some of the companies using the digital platform include globally renowned brands like Google, Uber, Amazon, and Maersk.
Stripe revealed that it entered the United Arab Emirates market in partnership with Network International which is a company based in Dubai. Digital payment startup Stripe already has various companies using its platform in the UAE. Some of these platforms include; Gym management software GloFox and online food ordering service ChatFood.
Stripe has shown that it is indeed capable of capturing emerging markets and will not disappoint investors alike. Last month during its fundraising round, Elad Gil who is also an investor said that “I don’t think it ends here. I think there is still a lot of runway ahead of the company in terms of growth, market capitalization and impact because it powers such a fundamental piece of the modern technology infrastructure”.
Stripe will continue to grow and capture more markets according to investors and their speculations.