UAE’s Mashreq completes $385 million stake sale of Neopay

Dubai: UAE’s Mashreq Bank announced Monday the successful completion of the sale of a majority stake in Neopay, a digital payments enabler. A consortium of two companies, DgPays and Arcapita Group Holdings Limited, has acquired the minority stake from Mashreq.

Turkish firm DgPays is a leading financial infrastructure technology provider in EMEA, while Bahrain-headquartered Arcapita is a global alternative investment firm.

“Mashreq retains a significant minority stake in Neopay, underscoring its commitment to

supporting the company’s continued growth,” the company said in a Dubai Financial Markets (DFM) filing. The bank had unveiled details about the stake sale in September last year.

According to Mashreq, the strategic partnership represents a milestone for Neopay as it aims to “scale its operations, enter new markets, and enhance its innovative service offerings across the Middle East.”

NeoPay was launched in March 2022 as a payment platform for businesses to process digital transactions. In 2023, the business processed more than 400 million transactions and is used by over 10,000 merchants in the country.