Arcapita Group Holdings and Dgpays have formed a consortium to acquire a majority stake in Neopay, a fast-growing payment solutions provider in the UAE. Neopay was originally launched as a strategic division of Mashreq but has quickly become a major player in the digital payments sector.
The acquisition will allow Neopay to accelerate its growth, drawing on Dgpays’ advanced financial technology and Arcapita’s investment expertise. Mashreq will retain a significant minority stake, with Neopay valued at around $385m. The transaction is expected to close following regulatory approval.
Arcapita’s CEO, Atif A. Abdulmalik, stated that Neopay’s growth aligns with their investment focus on market leaders benefiting from the UAE’s digital transformation. Dgpays’ CEO, Serkan Omerbeyoglu, emphasised that their fintech solutions will unlock new opportunities for Neopay across the Middle East.
Mashreq’s CEO, Ahmed Abdelaal, expressed confidence in Neopay’s continued expansion, while Neopay’s CEO, Vibhor Mundhada, looked forward to leveraging the consortium’s backing to drive digital payments growth in the region.
Goldman Sachs International advised Mashreq, while deNovo Partners advised the consortium. Clifford Chance and Freshfields provided legal counsel for Mashreq and the consortium, respectively.
