Rapyd, a global FinTech-as-a-Service company, recently announced a major milestone in the company’s history by opening its doors to its new Dubai office as it seeks to become the first Israeli company to be regulated in the United Arab Emirates (UAE).
Rapyd has been registered at Dubai International Centre (DIFC), the leading global financial center in Middle East Africa, and South Asia (MEASA) region. Additionally, the Dubai Financial Services Authority (DFSA), the independent regulator of financial services conducted in or from the DIFC, has granted an In-Principle Approval (IPA) to Rapyd under its money services regime. Rapyd expects to be fully authorized to conduct financial services once it fulfills the DFSA’s In-Principle requirements.
Rapyd added that the office commencement is in line with the global acquisitions and a large Series E fundraising of $300m – which further bolsters the business’ reputation as a pioneer in not only the FinTech industry but also technology as a whole. Rapyd’s investment in the UAE demonstrates confidence in its ability to attract top global talent to Dubai and to establish operations to tap into the regional markets.
Rapyd claimed to aid in building the future of FinTech in Dubai by providing local merchants with cutting-edge solutions to send, receive and simplify payments in the region and anywhere worldwide. The game-changing move will empower merchants to enhance their cross-border payment capabilities and grow their businesses globally. This market entry will enable Rapyd to reinforce its mission to enable businesses, of any size, to make local payments anywhere in the world.
Rapyd aims for Dubai to become a development hub to support its vast expansion and growth needs. Rapyd officially opened the doors to its Dubai office located in the heart of the Dubai International Financial Centre on May 11, 2022. It has ambitious plans to hire 120 employees in Dubai across the R&D, product, operations and HR departments within the next 18 months.
Arik Shiltman, CEO of Rapyd, stated: “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.”
Arik added “As the FinTech sector continues to evolve, Rapyd is boldly rewriting the script on what it means to be a FinTech company. 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.”
Arif Amiri, CEO of DIFC Authority commented: “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.”
“DIFC’s independent regulator, the DFSA was the first in the region to introduce a comprehensive payment services regime. We are certain that the regime will enable Rapyd and other payment firms to achieve their international expansion aspirations and grow faster than the market,” he added.
Rapyd’s Dubai office is located in the ICD Brookfield Place within the heart of the DIFC and is actively recruiting to fill roles across the entire organization. The company has recently launched one of the largest advertising campaigns the region has ever seen, which saw a large-scale billboard campaign along the renowned Sheikh Zayed Road.
