UAE-based payment software company Neopay has inked an agreement to acquire a controlling 65% stake in online payment gateway Noon Payments. Neopay is aiming to expand into Saudi Arabia and Egypt with the purchase. A statement confirms that the agreement is now pending regulatory approval. A timeline for completion and financial terms have not been disclosed.
Noon Payments was built in 2016 as the in-house payment infrastructure of Saudi online marketplace Noon. The parent e-commerce group is owned by the Kingdom’s Public Investment Fund (PIF) and Emirati businessman Mohamed Alabbar as its two main investors. The core e-commerce and retail operations of Noon will remain unaffected by the transaction.
It’s understood that the remaining 35% stake in Noon Payments will remain with its original parent company.
Once approved, the plan is to integrate Noon Payments’ embedded payments platform, e-commerce gateway, and merchant network into Neopay. This includes existing payment flows in the UAE, Saudi Arabia, and Egypt.
Merchant partners will be able to handle both in-store card transactions and online checkouts as a result of bringing the two technologies together. Multi-market retailers will be able to use this single system for cross-border settlement and merchant onboarding.
This is the first major acquisition made by Neopay since Mashreq Bank sold a majority stake in the business in January 2025 to an investment consortium comprising Arcapita Group and fintech firm Dgpays for $385 million.
