Arcapita Group Holdings Limited, the global alternative investment firm, Dgpays, a leading financial infrastructure technology provider in the EMEA region, and Mashreq, one of the UAE’s leading financial institutions, today announced an 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 characterised by a young, digitally literate population, robust GDP growth, and the government’s initiatives to promote digital transformation and a cashless economy.
Serkan Omerbeyoglu, chief executive of Dgpays, said: “We are excited to support Neopay's transformative journey in partnership with Mashreq. Neopay has demonstrated exceptional growth and innovation in the UAE’s digital payments landscape, and we see tremendous potential in expanding this success across the broader Middle East region.
"At Dgpays, our mission has always been to drive digital transformation in financial services through cutting-edge technology and strategic partnerships. By integrating our fintech solutions with Neopay's robust platform, we aim to unlock new opportunities for growth and innovation and present these innovative solutions to the enterprise and SME market of the UAE and broader GCC market.”
Atif A Abdulmalik, chief executive of Arcapita, said: “Neopay is fully aligned with Arcapita’s investment strategy which focuses on acquiring companies that are not only market leaders but also have strong growth potential driven by favourable macroeconomic trends.
"Neopay is well-positioned to benefit from the UAE's ongoing shift towards digital payments, supported by rising GDP, a tech-savvy young population, and government-led initiatives for digital transformation. Arcapita will support the next phase of Neopay's growth into value-added services and new markets.”
Ahmed Abdelaal, group chief executive at Mashreq, said: “This transaction is a key milestone in Neopay's journey, allowing it to continue its strong growth trajectory as a regional leader in digital payments. We are confident that Arcapita and Dgpays have the right expertise and vision to help Neopay achieve its ambitious expansion plans across the Middle East. While Mashreq retains a significant stake in Neopay, we are excited to see the company reach new heights as it scales its operations and reinforces its market leadership.”
Vibhor Mundhada, chief executive of Neopay, said: “We are thrilled to embark on the next chapter of Neopa's growth with the support of Arcapita and Dgpays. Neopay has established itself as a leader in the digital payments sector by consistently innovating and delivering value to our clients.
"With the technological and financial backing of our new shareholders, alongside Mashreq’s continued support, we are well-positioned to accelerate our growth in the UAE and expand our footprint across the Middle East. We remain committed to advancing e-commerce payments and driving the broader adoption of digital payments across the region.”
This acquisition signifies a strategic alignment between Arcapita, Dgpays and Mashreq, highlighting a shared commitment to driving innovation and growth in the digital payments industry throughout the Middle East.
Goldman Sachs International, DIFC branch, acted as financial adviser to the seller, while deNovo Partners advised the consortium. Clifford Chance acted as legal counsel to Mashreq while Freshfields was legal counsel to the consortium. Mashreq’s Investment Banking arm facilitated the closure of the transaction between the parties.
Evacuations to France hit by controversy
- Over 500 Gazans have been evacuated to France since November 2023
- Evacuations were paused after a student already in France posted anti-Semitic content and was subsequently expelled to Qatar
- The Foreign Ministry launched a review to determine how authorities failed to detect the posts before her entry
- Artists and researchers fall under a programme called Pause that began in 2017
- It has benefited more than 700 people from 44 countries, including Syria, Turkey, Iran, and Sudan
- Since the start of the Gaza war, it has also included 45 Gazan beneficiaries
- Unlike students, they are allowed to bring their families to France
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Richard Flanagan
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Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
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Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
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Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
