A consortium comprising Turkish fintech firm Dgpays and Bahrain-based Arcapita Group has successfully acquired a majority stake in NEOPAY, a digital payments platform owned by Mashreq Bank. The acquisition involves a 65% stake, with the total enterprise value of the transaction estimated at approximately $385 million. This strategic move is anticipated to enhance NEOPAY’s growth trajectory within the Middle East’s evolving payment landscape.
This partnership aligns with Dgpays’ objectives to expand its influence across the Middle East, leveraging NEOPAY’s existing technological infrastructure and market presence. NEOPAY has been recognized for its rapid growth in providing payment solutions to various sectors, including retail and e-commerce. The platform aims to utilize Dgpays’ advanced technology to introduce new services and bolster its market offerings .
Mashreq Bank will retain a minority stake in NEOPAY, ensuring a collaborative effort to enhance the company’s operations and facilitate its entry into new markets. The CEO of Dgpays, Serkan Ömerbeyoğlu, expressed enthusiasm about the potential of NEOPAY, citing its innovative solutions and robust growth in the UAE’s digital payment sector. He emphasized the consortium’s commitment to driving digital transformation in financial services .
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