Dubai - Sharikat Mubasher: NEOPAY, a leading digital payments and merchant solutions provider, signed a definitive agreement to acquire a 65% controlling stake in noon payments, as part of its strategy to build a leading regional payments platform.
Upon completion, the transaction will combine NEOPAY’s scalable acquiring infrastructure, omnichannel acceptance capabilities, and merchant services platform with noon payments’ embedded payments platform, e-commerce gateway, and merchant network across the UAE, Saudi Arabia, and Egypt, according to the official statement released today.
The acquisition will expand NEOPAY’s digital commerce capabilities and regional footprint, while strengthening its position in the UAE. It will offer merchants a more integrated proposition spanning online payment acceptance, in-store acquiring, faster settlements, data and analytics, and value-added financial services.
The partnership between NEOPAY and noon payments will focus on facilitating how merchants do business across the region, including faster merchant onboarding, improved payment performance, advanced fraud capabilities, and embedded financial services.
Vibhor Mundhada, CEO of NEOPAY, stated that the acquisition represents a significant milestone in NEOPAY’s journey to build a strong payments business in the UAE and the region.
“This acquisition will reinforce our leadership in the UAE, expand our footprint into Saudi Arabia and Egypt, and strengthen NEOPAY’s position as the payments provider of choice for businesses across MENA,” he added.
For his part, Faraz Khalid, CEO of noon, said: “Payments should be simple, reliable, and built for the markets they serve. NEOPAY brings deep local expertise and strong infrastructure. Together, we can help merchants grow and make paying easier for millions of customers across the region.”
Moreover, the acquisition will create opportunities to strengthen cross-border payments and settlement capabilities across key regional commerce corridors.
Completion of the transaction remains subject to customary conditions precedent, including applicable regulatory and antitrust approvals.