NEOPAY to Acquire 65% Stake in noon payments for MENA Expansion
NEOPAY has entered into a definitive agreement to acquire a 65 percent controlling stake in noon payments. The deal will expand its payments operations across the UAE, Saudi Arabia and Egypt.
However, the transaction remains subject to customary closing conditions. These include applicable regulatory and antitrust approvals.
Once completed, the deal will bring together the two companies’ complementary payment capabilities. NEOPAY contributes acquiring infrastructure, omnichannel acceptance capabilities and merchant services. Meanwhile, noon payments brings its embedded payments platform, e-commerce gateway and merchant network across the three markets.
Expanding digital payments across key MENA markets
Through the transaction, NEOPAY aims to broaden its digital commerce capabilities and regional presence. At the same time, the acquisition will further strengthen its position in the UAE payments market.
The combined business will provide merchants with a broader range of payment services. These will include online payment acceptance, in-store acquiring, faster settlements, data and analytics, and value-added financial services.
Meanwhile, noon payments has developed integrations with marketplace sellers and online merchants. As a result, its platform generates transaction volumes across several digital commerce segments in the region.
Following completion, NEOPAY will gain access to additional merchant relationships and payment flows. Moreover, the expanded platform will support more payment options, including alternative payment methods and installment plans.
Focus on merchants, security and cross-border payments
Furthermore, the combined roadmap will focus on merchant onboarding, payment performance, fraud capabilities and embedded financial services.
The transaction is also expected to create opportunities for further regional expansion. In particular, the companies aim to develop cross-border payment and settlement capabilities across important commerce corridors.
Consequently, the acquisition could give merchants access to a more integrated payments platform across multiple channels and markets. It will also support NEOPAY’s broader push to expand its payments presence across the MENA region.
