US FinTech Stripe Preps for Roll Out in Israel

U.S. FinTech Stripe is getting ready for its launch in Israel with the opening of sales and support operations ahead of research and development, CTech reported Monday (Jan. 3).

Former Salesforce regional vice president Arnon Barzilay was tapped to oversee the sales office in Israel, and is currently in the process of hiring local talent.

“Excited to join Stripe, helping Israeli companies increase the GDP of the internet, while removing financial complexity,” Barzilay said in a LinkedIn post. “We work with financial institutions, regulators, payment networks, banks and consumer wallets so businesses who run on Stripe don’t have to.”

Stripe recently acquired the app marketplace software platform OpenChannel, which helps businesses develop app ecosystems for third-party developers and users. Stripe also partnered with payment orchestration platform Spreedly to fight fraud with Stripe’s Radar, PYMNTS reported last month.

See also: Stripe Acquires OpenChannel for Ecosystem Integration

The digital payment processing firm could go public this year and has raised $2.2 billion to date.

“The pandemic taught us many things about society, including how much can be achieved — and paid for — online,” Stripe CFO Dhivya Suryadevara said in a March 2021 blog post. “While Stripe already processes hundreds of billions of dollars per year for millions of businesses worldwide, the opportunity ahead is much larger … than it was when the company started 10 years ago.”

Read more: Stripe Says B2B Digital Payments Transformation Is in ‘Early Innings’

Headquartered in both Dublin, Ireland and San Francisco, California, Stripe was launched in 2010 by Irish brothers Patrick and John Collison.

Last year, the company raised $600 million at a $95 billion valuation and became the highest-valued private FinTech worldwide. The company was valued at $36 billion in April 2020.

So far, Stripe has raised $2.2 billion from 39 investors. Coming behind China’s ByteDance, it is the second-most valuable unicorn globally, with a valuation of $425 billion.

The company launched in Dubai in 2021 and is also planning to expand into the United Arab Emirates, Qatar and Saudi Arabia, according to reports.

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