Blackstone-backed Redpin has received in-principle approval from the Dubai Financial Services Authority to process payments in the UAE.

Redpin, the global property payments platform backed by a USD $170 million Blackstone investment, has achieved ‘in principle’ approval from the Dubai Financial Services Authority (DFSA) to process payments in the United Arab Emirates, allowing it to extend its property payment services to the rapidly growing UAE developer ecosystem.

Redpin’s in-principle approval is an example of the UAE’s appetite to welcome innovative businesses that directly align with the Dubai Land Department’s goal of growing real estate transaction volumes by 70% by 2033.

The license supports the launch of Redpin Platform, the firm’s new payment infrastructure designed specifically for property developers. Redpin Platform digitises a traditionally manual and high-risk property payment process, offering secure, fast, end-to-end payments for developers and their clients. With Redpin Platform, developers can expect reduced time and resources dedicated to reconciling payments and currencies, and consumers can expect reduced foreign exchange costs and improved payment security.

Redpin’s commitment to the UAE reflects the same conviction in the region’s long-term fundamentals that has drawn firms such as Goldman Sachs and the firm’s own backer Blackstone. This continued long-term trend of investment into the UAE from both global institutions and individuals reinforces the need for greater transparency, speed and security within real estate transactions.