Arcapita Group Holdings Limited, Dgpays, and Mashreq have teamed up to acquire a majority stake in UAE’s fast-growing payment solutions provider, NEOPAY, with Mashreq retaining a significant minority interest. The acquisition, valued at approximately $385 million, aims to bolster NEOPAY’s presence in the burgeoning digital payments sector in the Middle East. With the expertise and support of the Consortium, NEOPAY is poised for further growth and innovation, leveraging Dgpays’ advanced technology.
NEOPAY has emerged as the UAE’s fastest-growing payment solutions provider, catering to merchants and e-commerce players. The UAE’s card transaction value is projected to surge in the coming years, creating ample opportunities for NEOPAY to expand its market share. As a strategic division within Mashreq, NEOPAY has experienced remarkable growth serving diverse clients in sectors like retail, hospitality, government, and e-commerce. The UAE’s dynamic economic landscape, driven by a tech-savvy population and government initiatives for digital transformation, sets the stage for NEOPAY’s continued success.
The partnership with Dgpays and Arcapita signifies a new chapter for NEOPAY’s growth trajectory, with plans to introduce value-added services and target new markets. Dgpays CEO, Serkan Omerbeyoglu, emphasizes the potential for expanding NEOPAY’s success across the broader GCC market through innovative fintech solutions. Arcapita’s CEO, Atif A. Abdulmalik, sees NEOPAY as a strategic investment aligned with market trends favoring digital payments in the UAE. With a focus on market leadership and growth potential, NEOPAY is well-positioned to capitalize on the country’s shift towards digital transactions.
Mashreq’s Group CEO, Ahmed Abdelaal, views the acquisition as a pivotal moment in NEOPAY’s journey towards becoming a regional leader in digital payments. Retaining a substantial stake in NEOPAY, Mashreq is confident in the expertise and vision of Arcapita and Dgpays to support NEOPAY’s expansion plans across the Middle East. NEOPAY’s CEO, Vibhor Mundhada, expresses excitement for the company’s enhanced growth prospects with the backing of new shareholders and continued support from Mashreq. The goal is to accelerate growth in the UAE and extend NEOPAY’s reach throughout the region, driving e-commerce payments and fostering digital payment adoption.
The strategic alignment between Arcapita, Dgpays, and Mashreq underscores a shared commitment to innovation and growth in the digital payments industry across the Middle East. This collaboration exemplifies a blend of industry expertise, technological innovation, and financial backing to propel NEOPAY towards its ambitious expansion goals. The involvement of leading financial advisors and legal counsel further reinforces the significance of this acquisition and sets the stage for NEOPAY’s continued success in the evolving digital payments landscape.
