Neopay buys into Noon Payments to fuel regional expansion

Neopay is buying its way into Saudi Arabia and Egypt. The Dubai-based merchant acquirer has agreed to buy a 65% controlling stake in Noon Payments, the online payment gateway of e-commerce platform Noon, according to a press release. The acquisition pairs Neopay's in-store card terminals with Noon Payments' online checkout. Neither side disclosed the price, and the deal still needs regulatory and antitrust approval

The pitch to merchants is one provider for online and in-store payments across Saudi, the UAE, and Egypt. Today, a retailer selling in several GCC markets often deals with a different acquirer and gateway in each country. The combined company says it will offer both online and in-store payment acceptance, cross-border settlement, and faster onboarding for new merchants.

This is the latest agreement in a fast-consolidating payments market. Mashreq sold a 65% stake in Neopay to a consortium of Arcapita and Turkish fintech Dgpays for USD 385 mn in January 2025, we reported at the time. The new owners said then that they planned to scale and enter new markets, and this acquisition is the first big step on that plan. Nine months later, Network International and Magnati completed their merger under a Brookfield-led consortium. The combined company now operates as Network International and describes itself as the largest payments platform in the Middle East and Africa.

Why it matters: The UAE’s merchant-payments market is turning into a contest between a handful of large, well-funded platforms. Network International already has the scale. With Noon Payments, Neopay is buying an online business and two new markets so it can compete with Network on breadth.