UAE's Mashreq Bank has successfully finalized the sale of a majority stake in Neopay, its digital payments platform, for $385 million. The acquisition was made by a consortium consisting of Turkish firm DgPays and Bahrain-based Arcapita Group. Mashreq retains a significant minority stake in Neopay, highlighting its continued support for the company's growth.
Neopay, launched in March 2022, enables businesses to process digital transactions. In 2023, it processed over 400 million transactions and serves over 10,000 merchants in the UAE. This strategic partnership is seen as a key milestone for Neopay as it aims to scale operations, enter new markets, and enhance its services in the Middle East.
