NEOPAY agrees to acquire a 65% controlling stake in noon payments to build a regional acquiring platform across the UAE, Saudi Arabia and Egypt

NEOPAY has signed a definitive agreement to buy a 65% controlling stake in noon payments, the payments arm of e-commerce platform noon. Financial terms were not disclosed, and completion depends on regulatory and antitrust approvals.

Once closed, NEOPAY will pair its acquiring and merchant services with noon payments' e-commerce gateway and embedded payments platform, which works with merchants in the UAE, Saudi Arabia and Egypt. The combined business plans to offer online payments, in-store acquiring, faster settlement, data and analytics, alternative payment methods, instalment plans and other financial services, with faster merchant onboarding and fraud prevention on the joint roadmap.

NEOPAY CEO Vibhor Mundhada said the aim is a regional payments platform that serves merchants across channels and markets; noon CEO Faraz Khalid said the deal should make paying easier for millions of customers across the region.