Rapyd, the global company specialized in providing financial technology as a service, announced today the opening of its new headquarters in the Emirate of Dubai, a step that makes it the first Israeli company to start operating in accordance with the regulations and laws in force in the UAE.
The Dubai International Financial Center, the leading international financial center in the Middle East, Africa, and South Asia region, has granted a start-up permit to Rapid. The Dubai Financial Services Authority, the independent regulator of financial services conducted in or from the Dubai International Financial Centre, granted Initial approval to Rapid under the Financial Services Regulations. The company expected to receive the full authorization to provide financial services upon meeting all the initial approval requirements.
The opening of the Dubai office is one of Rapid’s activities after completing a series of global acquisitions and organizing a financing round that led to raising $300 million, which will enhance its position not only in the financial technology sector but also within the technical scene in general.
Rapid aims to support Dubai’s endeavors to be a vital development center that supports the aspirations of various companies to achieve expansion and growth. It has ambitious plans to appoint 120 employees in Dubai within the departments of research and development, product, operations, and human resources during the next eighteen months.
The UAE aims to incubate 20 billion companies (with a capital of one billion dollars and more) by 2031, according to the “Hometown of Entrepreneurship” initiative.
In support of the next phase of Rapid’s expansion as a company with more than $10 billion in the capital, this move confirms the company’s commitment to the region by opening its new development center in Dubai.
Eric Shelman, CEO of Rapid, said: “Rapid is keen to drive a fundamental transformation in the way financial technology companies conduct their business by embarking on an ambitious step that will make us the first Israeli company to operate in Dubai in accordance with the rules and regulations of the Dubai Financial Services Authority. This allows us to establish a strong presence in the emirate and puts us on the cusp of a future full of growth and success in the UAE and abroad.”
The company had inaugurated its new office on May 11, in the presence of eminent figures of decision-makers and government officials in Dubai.
Arif Amiri, CEO of the DIFC Authority, said: “With the support of the DIFC, Dubai continues to consolidate its position as one of the most attractive technology and innovation centers for companies, thanks to the center’s provision of comprehensive services that help start-ups, global players in the sector and emerging billion companies accelerate the pace of Its growth and entry into the markets of the Middle East, Africa, and South Asia .. We are pleased that Rapid has joined our ambitious community, to be the first Israeli company to choose the Dubai International Financial Center as a strategic development center for its operations and conduct its business in the UAE in accordance with the regulations and legislation in force in it.”
