NEOPAY To Acquire 65% Stake In noon Payments
Upon completion, the transaction will bring together 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.
NEOPAY announced that it has entered into a definitive agreement to acquire a 65% controlling stake in noon payments (the “Transaction”), marking a significant step in NEOPAY’s ambition to build a leading regional payments platform. Completion of the Transaction remains subject to customary conditions precedent, including applicable regulatory and antitrust approvals.
Upon completion, the transaction will bring together 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. This will expand NEOPAY’s digital commerce capabilities and regional footprint, while strengthening its position in the UAE.
As commerce increasingly moves across physical and digital channels, merchants are looking for payment partners that can support them seamlessly across markets and customer journeys. By bringing together the strengths of the two businesses, NEOPAY will offer merchants a more integrated proposition spanning online payment acceptance, in-store acquiring, faster settlements, data and analytics, and value-added financial services.
“This is an important milestone in NEOPAY’s journey. We have built a strong payments business in the UAE, and our ambition is now to take that capability across the region. noon payments has built an impressive digital payments platform with a strong presence in some of MENA’s most important e-commerce markets. By combining their strength in digital commerce with NEOPAY’s acquiring and omnichannel capabilities, we have the opportunity to create a truly regional payments platform that can serve merchants seamlessly across channels and markets. 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.”
– Vibhor Mundhada, CEO, NEOPAY
noon payments has established strong integrations with marketplace sellers and online merchants, creating high transaction density in some of the region’s fastest-growing digital commerce segments. Upon completion, the Transaction will give NEOPAY access to additional merchant relationships and payment flows while accelerating the rollout of regional payment innovations, including alternative payment methods and installment options.
