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03 October 2023

DIFC Catalyses Growth: Rapyd Celebrates First Dubai Anniversary with Record 4X Employee Growth

By E247

Rapyd, the leading FinTech-as-a-service partner, has reported a four-fold employee growth since establishing a year ago at Dubai International Financial Centre (DIFC), the leading global financial hub in the Middle East, Africa and South Asia (MEASA) region. This growth demonstrates DIFC's role as a preferred global talent hub for the finance and FinTech sectors.

Rapyd started its journey in Dubai in 2022, making history as the first Israeli-founded company to receive an In-Principal Authority from the Dubai Financial Services Authority (DFSA), the independent regulator of financial services conducted in of from DIFC, which granted it the right to operate as a regulated entity in the UAE. This monumental step for Rapyd, enabled by DIFC’s future-forward ecosystem for FinTech and Innovation, has also paved the way for other businesses to expand within the region.

To commemorate its first year and growing presence in Dubai, Rapyd announced a substantial workforce expansion, with a four-fold growth in one year, from 15 to over 70 employees. This move aligns with the FinTech firm’s preparation for its next growth stage in the UAE and the Middle East, further instilling confidence in its ability to attract top global talent to Dubai.

Arik Shtilman, Rapyd Co-Founder and CEO, said: "Our first year in Dubai in partnership with DIFC has further supported our commitment to innovation and the ability to develop the most advanced global FinTech platform globally. The growth we've experienced underlines the untapped potential in this region. Our mission is simple: provide businesses of all sizes with seamless FinTech experiences, aiding their expansion locally and internationally. As we move forward in Dubai and beyond, we aim to continue providing the FinTech tools any business needs to liberate global commerce.”

Rapyd's innovation in providing FinTech solutions has been recognised in the industry, recently named as one of the top Cross Border Payment Companies by FXC Intelligence for the fourth consecutive year.

Mohammad AlBlooshi, CEO of DIFC Innovation Hub, said: "Congratulations to Rapyd on their first year of growth as they attract new talent to Dubai and shape the future of finance from DIFC. There are 1,369 financial and innovation related entities active and operating within DIFC, up 22 per cent YoY in 2022, making the innovation sector the fastest growing sector in DIFC. It is encouraging to see FinTech firms such as Rapyd innovate and grow at pace alongside our thriving global community of FinTech and Innovation companies.”

Rapyd's expansion in Dubai is contributing to the UAE's digital transformation goals and supports the country's status as a global hub for innovation.