UAE’s Mashreq Bank announced on Monday that it had successfully completed the sale of a majority stake in Neopay, a digital payments provider. The minority stake has been acquired by a consortium consisting of DgPays and Arcapita Group Holdings Limited.
DgPays, a Turkish company, is a prominent provider of financial infrastructure technology across the EMEA region, while Arcapita, based in Bahrain, is a global alternative investment firm.
“Mashreq continues to hold a substantial minority stake in Neopay, highlighting its commitment to supporting the company’s ongoing growth,” the bank stated in a filing with the Dubai Financial Markets (DFM). The bank had first disclosed details of the stake sale in September last year.
Mashreq explained that the strategic partnership marks a significant milestone for Neopay as it looks to “expand its operations, enter new markets, and enhance its innovative service offerings throughout the Middle East.”
Launched in March 2022, Neopay is a payment platform that enables businesses to process digital transactions. In 2023, the platform handled over 400 million transactions and is currently used by more than 10,000 merchants across the country.
