Payments giant Stripe expands to Middle East with Dubai office

DUBAI (Reuters) – Digital payments giant Stripe on Tuesday announced the opening of an office in United Arab Emirates financial capital Dubai, its first expansion into the Middle East region.

Founded in 2010 by Irish brothers Patrick and John Collison, Stripe is used by more than 50 companies, each processing over $1 billion 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.

It said it was entering the market in partnership with Dubai-based payments processor Network International.

Stripe’s value soared last month to $95 billion after it capitalised on a boom in e-commerce with a round of funding.

(Writing by Alexander Cornwell; Editing by Stephen Coates)