Dgpays and Arcapita Consortium Acquires Majority Stake in NEOPAY from Mashreq
24.9.2024 09:00:00 CEST | Business Wire | Press Release
Dgpays, a leading financial infrastructure technology provider in the EMEA region, (together in equal partnership, the “Consortium”), and Arcapita Group Holdings Limited ("Arcapita"), the global alternative investment firm, and Mashreq, one of the UAE’s leading financial institutions, jointly announced today the Consortium’s agreement to acquire a majority stake in NEOPAY, the UAE’s fast-growing payment solutions provider, while Mashreq retains a significant minority interest. The transaction implies an approximate enterprise value for NEOPAY of $385 million, and the closing is subject to necessary regulatory approvals.
The acquisition represents a significant milestone for NEOPAY as it aims to expand its presence in the rapidly growing digital payments sector in the Middle East. The strategic support of the Consortium, positions NEOPAY to further accelerate its growth trajectory and offer new services, leveraging Dgpays’ cutting-edge technology.
NEOPAY is the UAE’s fastest growing payment solutions provider, with a strong foothold among 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 significant growth in recent years, serving a diverse client base across key sectors such as retail, hospitality, government, and e-commerce. NEOPAY’s expansion is driven by the UAE's dynamic economic landscape, which is characterized by a young, digitally literate population, robust GDP growth, and the government’s ongoing initiatives to promote digital transformation and a cashless economy.
This acquisition signifies a strategic alignment between Dgpays, Arcapita, and Mashreq, highlighting a shared commitment to driving innovation and growth in the digital payments industry throughout the Middle East.
-ENDS-
Notes to Editors
About Dgpays
https://www.dgpays.com/
About Arcapita
www.arcapita.com
About Mashreq
https://www.mashreq.com/en/uae/neo/
About NEOPAY
www.neopay.ae
View source version on businesswire.com: https://www.businesswire.com/news/home/20240923686370/en/
Contacts
DgPays
Simay Yaman
+902122904010
info@dgpays.com
Arcapita
Tariq Hayat
+973 17 218 858
+973 39 461103
thayat@arcapita.com
Mashreq
Rana Al Borno
Public Relations, Mashreq
+9714 6083629
media@mashreq.com
NEOPAY
Rana Al Borno
Public Relations, Mashreq
+9714 6083629
media@mashreq.com
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