Global financial technology services provider, Rapyd announced today that it has opened a new office in Dubai in an effort to become the first Israeli company to be regulated in the United Arab Emirates.
The fintech company has been registered at Dubai International Financial Center (DIFC), one of the largest financial centers in the Middle East and South Asia. According to the details shared by Rapyd, Dubai Financial Services Authority (DFSA) has granted an In-Principal Approval (IPA) to the firm under its money services regime.
The latest announcement regarding Rapyd’s Dubai office came nearly 10 months after the company raised $300 million in its Series E funding round. According to the fintech firm, UAE is an important market for its global expansion.
Arik Shiltman, the CEO of Rapyd, commented: “Rapyd is revolutionizing how a FinTech company should operate by taking the unprecedented step to becoming the first Israeli company on the road to becoming regulated by the DFSA, allowing the company to establish strong roots in Dubai and grow throughout the UAE. By establishing Dubai as a strategic development hub, we’re showcasing the boundless opportunities for Rapyd as we continue to lead and innovate the industry across the UAE and beyond.”
In July last year, Rapyd announced the acquisition of Valitor in a deal worth $100 million to expand its presence in the European region.
Dubai
For global financial technology companies, Dubai has emerged as a hub in the last few years. In November 2020, Dutch payments company Ayden entered the Middle East with the opening of an office in Dubai.
“Dubai and DIFC continue to cement their position as one of the world’s top hubs for technology and innovation firms by offering the most comprehensive proposition that helps start-ups, global players and unicorns access the fast-growing markets of the MEASA region. We are delighted that Rapyd, the first Israeli firm to be regulated in the UAE, has chosen DIFC as its strategic development hub,” Arif Amiri, the CEO of DIFC, commented.
