NEOPAY, the UAE payments company launched by Mashreq Bank, has agreed to acquire a 65% controlling stake in noon payments, the payments arm of e-commerce group noon, in a deal aimed at building a regional payments platform spanning the UAE, Saudi Arabia and Egypt. The financial value of the transaction has not been disclosed.
Founded in 2022, NEOPAY provides merchant acquiring, card processing, payment gateways and point-of-sale infrastructure, and processed more than 400 million transactions for over 10,000 merchants in 2023 alone. Noon payments operates noon's embedded payments platform and e-commerce gateway; a majority stake in the business had previously moved from Mashreq to Arcapita and DgPays, with Mashreq retaining only a minority holding.
Vibhor Mundhada, CEO of NEOPAY, said combining the company's acquiring infrastructure and omnichannel capabilities with noon payments' embedded platform and gateway creates an opportunity to build a genuinely regional payments provider. Faraz Khalid, CEO of noon, said payments need to be simple, reliable and built for the markets they serve, adding that NEOPAY brings deep local expertise and strong infrastructure to the partnership.
The acquisition reflects continued consolidation in the UAE's fintech sector, as homegrown payment companies seek scale across Gulf and North African markets rather than competing solely at home. Once completed, the deal is expected to let noon payments draw on NEOPAY's acquiring network as it expands merchant services into Saudi Arabia and Egypt, two of the region's largest e-commerce markets.