Mashreq Bank has completed the sale of a majority stake in its digital payments platform, Neopay, for $385 million. A consortium formed by Turkey-based DgPays and Bahrain’s Arcapita Group Holdings Limited led the acquisition.

While the majority stake is now owned by the consortium, Mashreq still holds a significant minority share. The bank emphasized its ongoing support for Neopay’s growth, as confirmed in a statement filed with Dubai Financial Markets (DFM).

Neopay, launched in March 2022, has quickly become an important player in the UAE’s digital payments sector, processing over 400 million transactions in 2023 alone. The platform serves more than 10,000 merchants across the country.

The new partnership is expected to help Neopay expand its operations, enter new markets, and further enhance its services across the Middle East. DgPays, a leader in financial infrastructure technology, and Arcapita, known for global alternative investments, will bring their expertise to boost Neopay’s future plans.

Mashreq had initially announced details of this stake sale in September 2024, marking this as a significant strategic milestone for the platform.