Neopay to acquire 65% controlling stake in Noon Payments

UAE-based Neopay has agreed to buy a 65% controlling stake in Noon Payments, with the deal now waiting on regulatory approval. For PSPs and merchant acquirers, the interesting part is not the corporate shuffle; it’s the planned combination of online and in-store payment flows across the UAE, Saudi Arabia, and Egypt.

1. Neopay says the acquisition is meant to support expansion into Saudi Arabia and Egypt. No timeline for completion and no financial terms were disclosed, so the only hard number on the table for now is the 65% stake.
2. Noon Payments was built in 2016 as the in-house payment infrastructure of Saudi online marketplace Noon. The remaining 35% stake will stay with its original parent company, while Noon’s core e-commerce and retail operations are set to remain unaffected by the transaction.
3. Once approved, Neopay plans to fold Noon Payments’ embedded payments platform, e-commerce gateway, and merchant network into its own setup. That would cover existing payment flows in the UAE, Saudi Arabia, and Egypt, which is the part PSPs will care about: one commercial layer for multiple markets, not three separate boxes to tick.
4. The combined setup is intended to let merchant partners process both in-store card transactions and online checkouts. It also gives multi-market retailers a single system for cross-border settlement and merchant onboarding, which is the sort of operational consolidation payment teams usually like until the compliance questionnaires arrive.
5. This is Neopay’s first major acquisition since Mashreq Bank sold a majority stake in the business in January 2025 for $385 million to an investment consortium comprising Arcapita Group and fintech firm Dgpays.

Noon’s parent e-commerce group is owned by the Kingdom's Public Investment Fund (PIF) and Emirati businessman Mohamed Alabbar as its two main investors, but the transaction is limited to Noon Payments. In other words, the payment stack changes hands; the marketplace business does not.