Mashreq Bank completes sale of majority stake in Neopay for $385m
UAE-based banking group Mashreq Bank has completed the sale of a majority stake in its paytech subsidiary Neopay for $385 million.
Mashreq Bank has sold a majority stake in its paytech subsidiary Neopay
Dgpays, a B2B financial infrastructure technology provider, and Bahrain-based global alternative investment firm Arcapita formed a consortium that has acquired the majority stake in the company.
Mashreq retains a significant minority stake in Neopay following the completion of the deal.
Launched by Mashreq in 2022, Neopay’s offerings include point-of-sale (POS) software, inventory management tools, a card processing system, a merchant acquiring solution, and payment gateway technology.
Mashreq says the deal, initially announced in September, “represents a milestone for Neopay” as the company looks to scale its operations and enter new markets.
Mashreq Group also recently secured a restricted licence from the State Bank of Pakistan, enabling its subsidiary in the country to commence pilot operations as a digital retail bank.
