Mashreq has informed the Dubai Financial Market (DFM) that it has completed all the regulatory requirements and finalised the sale of a majority stake in NEOPAY, the UAE’s fast-growing digital payments leader.
One of the leading financial institutions of the UAE, Mashreq had previously announced on 13 September 2024, that DgPays and Arcapita Group Holdings, a global alternative investment firm, had agreed to acquire the stake.
Mashreq retains an undisclosed, yet “significant” minority stake in NEOPAY.
This strategic partnership represents a milestone for NEOPAY as it aims to scale its operations, enter new markets, and enhance its innovative service offerings across the Middle East.
Ahmed Abdelaal, Group CEO of Mashreq, had earlier commented: “This transaction is a key milestone in NEOPAY’s journey, allowing it to continue its strong growth trajectory as a regional leader in digital payments. We are confident that Arcapita and Dgpays have the right expertise and vision to help NEOPAY achieve its ambitious expansion plans across the Middle East.”
NEOPAY is the payments subsidiary of Mashreq and enables digital payments. It provides merchant acquiring services, payment processing solutions as well as other value-added services like integrated wallets, SaaS-based solutions, BNPL, data analytics etc. It has a total annual processed payment volume of over $30 billion.
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