The consortium of Turkish fintech firm Dgpays and Bahrain-headquartered Arcapita Group Holdings Limited acquired the bulk stake within the cost platform NEOPAY from Dubai-listed Mashreq Bank, in keeping with the corporate on Monday.
The consortium shaped by Dgpays, one of many main monetary infrastructure know-how suppliers within the EMEA area, and international funding firm Arcapita Group Holding acquired the 65% stake in NEOPAY by means of equal partnership, in keeping with the assertion.
The transaction represents an approximate enterprise worth of $385 million (TL 13.15 billion) and is topic to required regulatory approvals.
Dgpays, which has beforehand partnered with the European Bank for Reconstruction and Development (EBRD) and works with a variety of establishments in Türkiye, is about to broaden its portfolio within the Middle East area with the brand new acquisition.
In addition, it was famous within the assertion that after the acquisition, NEOPAY aimed to additional speed up its progress with the strategic help of the consortium and to supply new providers by benefiting from Dgpays’ superior know-how options.
Established as a strategic unit inside Mashreq, NEOPAY has achieved important progress lately by serving a various buyer base in key sectors comparable to retail, lodging, 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 mentioned in an announcement.
“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,” mentioned Serkan Ömerbeyoglu, CEO of Dgpays.
“At Dgpays, our mission has all the time been to drive digital transformation in monetary providers by means of cutting-edge know-how and strategic partnerships. By integrating our fintech options with NEOPAY’s strong platform, we purpose to unlock new alternatives for progress and innovation and current these progressive options to the enterprise and SME market of the UAE and broader GCC market,” he added.
“NEOPAY is totally aligned with Arcapita’s funding technique, which focuses on buying firms that aren’t solely market leaders but additionally have robust progress potential pushed by favorable macroeconomic tendencies,” Atif A. Abdulmalik, CEO of Arcapita, mentioned.
“NEOPAY is well-positioned to learn from the UAE’s ongoing shift towards digital funds, supported by rising GDP, a tech-savvy younger inhabitants, and government-led initiatives for digital transformation. Arcapita will help the subsequent part of NEOPAY’s progress into value-added providers 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,” mentioned Ahmed Abdelaal, Group CEO of Mashreq.
“With the technological and monetary backing of our new shareholders, alongside Mashreq’s continued help, we’re well-positioned to speed up our progress within the UAE and broaden our footprint throughout the Middle East. We stay dedicated to advancing e-commerce funds and driving the broader adoption of digital funds throughout the area,” Vibhor Mundhada, CEO of NEOPAY, additionally mentioned.
Source: www.dailysabah.com