Dgpays, a Turkey-, Dubai, UAE-, Luxembourg- and Wilmingtont, DE-based financial infrastructure technology provider in the EMEA region, and Arcapita Group Holdings Limited, an alternative investment firm, are to acquire a majority stake in Neopay, a UAE-based payments provider, from Mashreq.
The amount of the deal was not disclosed but the transaction implied an approximate enterprise value for Neopay of $385M.
The acquisition represents a significant milestone for Neopay as it aims to expand its presence in the digital payments sector in the Middle East. The strategic support of the consortium positions the company to further accelerate its growth and offer new services, leveraging Dgpays’ technology.
Founded as a strategic division within Mashreq, Neopay is a payment solutions provider used by merchants and e-commerce players. The UAE’s card transaction value is expected to grow at double-digit rates over the next five years, presenting substantial opportunities for Neopay to capture further market share.
Founded as a strategic division within Mashreq, Neopay experienced growth in recent years, serving a diverse client base across key sectors such as retail, hospitality, government, and e-commerce.
FinSMEs
24/09/2024