The consortium of Turkish fintech company Dgpays and Bahrain-headquartered Arcapita Group Holdings Limited acquired the majority stake in the payment platform NEOPAY from Dubai-listed Mashreq Bank, according to the company on Monday.
The consortium formed by Dgpays, one of the leading financial infrastructure technology providers in the EMEA region, and global investment company Arcapita Group Holding acquired the 65% stake in NEOPAY through equal partnership, according to the statement.
The transaction represents an approximate enterprise value of $385 million (TL 13.15 billion) and is subject to required regulatory approvals.
Dgpays, which has previously partnered with the European Bank for Reconstruction and Development (EBRD) and works with a wide range of institutions in Türkiye, is set to expand its portfolio in the Middle East region with the new acquisition.
In addition, it was noted in the statement that after the acquisition, NEOPAY aimed to further accelerate its growth with the strategic support of the consortium and to offer new services by benefiting from Dgpays' advanced technology solutions.
Established as a strategic unit within Mashreq, NEOPAY has achieved significant growth in recent years by serving a diverse customer base in key sectors such as retail, accommodation, public and e-commerce.
"We are pleased to announce that Arcapita Group Holdings Limited and Dgpays have acquired a majority stake in NEOPAY from Mashreq. This strategic partnership marks a significant milestone for NEOPAY, a fast-growing digital payments leader in the UAE," Mashreq said in a statement.
"With Mashreq retaining a key minority stake, NEOPAY is poised for continued success as it scales its operations, expands into new markets and enhances its service offerings across the Middle East," it added.
"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 payment landscape, and we see tremendous potential in expanding this success across the broader Middle East region," said Serkan Ömerbeyoglu, CEO of Dgpays.
"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," he added.
"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 favorable macroeconomic trends," Atif A. Abdulmalik, CEO of Arcapita, said.
"NEOPAY is well-positioned to benefit from the UAE's ongoing shift toward 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."
"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," said Ahmed Abdelaal, Group CEO of Mashreq.
"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," Vibhor Mundhada, CEO of NEOPAY, also said.