Fintech Rapyd becomes first DIFC-registered Israeli company

Rapyd, a global fintech-as-a-service company, has announced the opening of its new Dubai office as it seeks to become the first Israeli company to be regulated in the UAE.

Rapyd has been registered at the Dubai International Centre (DIFC). Meanwhile, DIFC’s independent regulator Dubai Financial Services Authority (DFSA) has granted an in-principle approval (IPA) to Rapyd under its money services regime. The company expects to be fully authorised to conduct financial services once it fulfills the DFSA’s in-principle requirements.

#DIFC welcomes @RapydGlobal, a global #FinTech-as-a-Service company. #Rapyd provides cutting edge solutions to send, receive, and simplify payments & is the 1st Israeli money services company to receive principal approval from DFSA.

Read more: https://t.co/2AV4L9NoHJ. pic.twitter.com/OfeGmKVcfq

— DIFC (@DIFC) June 8, 2022

Rapyd’s office opening in Dubai follows its global acquisitions and a Series E fundraising of $300m.

The company will provide local merchants with solutions to send, receive and simplify payments in the region and worldwide, empowering them to enhance their cross-border payment capabilities and grow their businesses globally. Rapyd celebrated the office opening on May 11 this year and plans to hire 120 employees in Dubai across the R&D, product, operations and HR departments within the next 18 months.

Arik Shtilman, CEO of Rapyd, says: “Rapyd is revolutionising 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.”

Arif Amiri, CEO of DIFC Authority: “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 adds.

DIFC recorded 996 company registrations in 2021, the highest ever in a single year since its inception 17 years ago.

Read: Dubai International Financial Centre achieves record company registrations in 2021