The deal values the payment services company at approximately USD 385 million.
As part of the agreement, Mashreq will enter into a long-term partnership with the buyers to support NeoPay's future growth. The subsidiary offers businesses a range of payment processing solutions, including POS terminals, ecommerce, mobile, and other non-cash payment methods.
Arcapita, an alternative asset manager, operates across the Gulf Cooperation Council (GCC), Singapore, the UK, and the US. Dgpays has a presence in the UAE, Luxembourg, and the US.
The global payments industry has experienced a rapid transformation in recent years, driven by technological advancements and the shift towards digital transactions. In regions like the GCC and Turkey, the adoption of cashless payments has surged due to the growth of ecommerce, mobile banking, and digital wallets. As consumers and businesses increasingly prefer non-cash methods for convenience and security, fintech companies have stepped in to meet this demand by offering innovative payment solutions.
In the GCC, governments have actively promoted digital transformation, making the region a hotspot for fintech growth. The UAE, in particular, has become a hub for digital payments, with a high smartphone penetration rate and a well-developed infrastructure for ecommerce and mobile transactions.
Turkey has also emerged as a key player in the fintech space, with a fast-growing digital payments market supported by a young, tech-savvy population. Fintech firms like Dgpays, one of NeoPay’s new stakeholders, have been expanding their presence regionally and internationally to capitalise on this trend. The partnership between Mashreq Bank, Arcapita, and Dgpays aligns with the broader trend of cross-border collaboration in the payments industry, which aims to leverage the strengths of different markets to drive growth and innovation.
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