NEOPAY has signed a definitive agreement to buy a 65% controlling stake in noon payments, the payments arm of e-commerce platform noon. The financial details were not disclosed.

The deal still needs regulatory and antitrust approvals, among other conditions, before it can close.

Once the deal closes, NEOPAY will pair its acquiring and merchant services with noon payments’ e-commerce gateway and embedded payments platform.

noon payments works with merchants in the UAE, Saudi Arabia and Egypt. This gives NEOPAY a way to grow in Saudi Arabia and Egypt while building on its position in the UAE.

According to NEOPAY, more merchants now sell both online and in stores. Many of them want payment partners that can serve them across different markets.

The combined business plans to offer online payments, in-store acquiring, faster settlements, data and analytics, and other financial services.

noon payments has built links with marketplace sellers and online merchants.

Through the deal, NEOPAY would gain access to these merchants and their payment flows.

It also expects to speed up the launch of alternative payment methods and instalment plans.

“By combining their strength in digital commerce with NEOPAY’s acquiring and omnichannel capabilities,

we have the opportunity to create a truly regional payments platform that can serve merchants seamlessly across channels and markets,”

said Vibhor Mundhada, CEO of NEOPAY.

“Together, we can help merchants grow and make paying easier for millions of customers across the region,”

said Faraz Khalid, CEO of noon.

Under their joint roadmap, the two companies will focus on faster merchant onboarding, better payment performance, fraud prevention and embedded financial services.

NEOPAY added that the deal could help strengthen cross-border payments and settlement across the region.

Featured image: Edited by Fintech News UAE, based on image by NEOPAY via its Press Release.