Funding · Financial Services
Mintoak raises ₹80 crore in debt from BlackSoil to acquire ICC Loyalty
By Startup Enthusiast ·
- Date
- Company
- Mintoak
- What it does
- merchant engagement platform for banks
- Kind
- Funding
- Amount
- Rs 80 crore
- Stage
- debt
- Based in
- Mumbai
- Founded
- 2017
- Sector
- Financial Services
What they do
Mintoak is a Mumbai-based fintech SaaS startup that provides payments and engagement operating systems for banks through a unified white-label platform
What happened
It raised ₹80 crore in debt from BlackSoil to fund the acquisition of Dubai-based loyalty and rewards technology company ICC Loyalty
Why it matters
The acquisition expands Mintoak's international footprint and enhances its product portfolio by combining payment infrastructure with loyalty and customer…
The details
- Mintoak is acquiring ICC Loyalty, a Dubai-based loyalty and rewards technology company, using ₹80 crore in debt financing from BlackSoil.
- Mintoak raised the ₹80 crore in debt from BlackSoil, an alternative credit platform, to fund the acquisition.
- BlackSoil is an RBI-registered systemically important NBFC and a SEBI-registered Alternative Investment Fund (AIF) that provides growth capital to high-potential new economy businesses.
- Mintoak has previously acquired Digiledge, a fintech startup focused on bill payments and Central Bank Digital Currency (CBDC) solutions, in a deal whose value was not disclosed.
- Mintoak's product suite includes a range of SaaS offerings that help banks and merchant acquirers connect with their small and medium enterprise (SME) customers and drive the cross-sell of financial products.
- Mintoak's operating revenue rose 27.9% year-on-year to ₹92.85 crore in FY25, and its net profit jumped 56% to ₹35.58 crore during the fiscal.
The bigger picture
- The acquisition of ICC Loyalty strengthens Mintoak's global banking and merchant engagement capabilities.
- The integration of ICC Loyalty expands Mintoak's international footprint and enhances its product portfolio by combining payment infrastructure with loyalty and customer engagement solutions.
- Mintoak now partners with more than 50 banks across over 20 countries, including HDFC Bank, Axis Bank, SBI Payments, Emirates Islamic, and Absa Bank.
- The combined platform now serves over 5 million merchants and 11 million customers, while processing more than $93 billion in annual payment volume.
- The acquisition is expected to generate more than $30 million in annual revenue, while maintaining an EBITDA margin exceeding 30%.
About the business
- Mintoak provides a payments and engagement operating system for banks through a unified white-label platform.
- Its technology enables financial institutions to transform payment transactions into customer engagement, recurring revenue opportunities, and long-term merchant value.
- Mintoak's product suite includes white-labeled merchant platforms for smart payments, service integrated ticketing systems, and cross-sell solutions for pre-approved loans, insurance, and business credit cards.
- Mintoak partners with more than 50 banks across over 20 countries, including HDFC Bank, Axis Bank, SBI Payments, Emirates Islamic, and Absa Bank.
- Mintoak's operating revenue rose 27.9% year-on-year to ₹92.85 crore in FY25, and its net profit jumped 56% to ₹35.58 crore during the fiscal.
What happens next
- Mintoak is expected to leverage the acquisition to expand its global footprint and strengthen its position in the fintech ecosystem.
The deal
- Type
- acquisition
Investors
- BlackSoil (debt investor) — An alternative credit platform that operates an RBI-registered systemically important NBFC and a SEBI-registered Alternative Investment Fund (AIF).
Founders
- Raman Khanduja, co-founder
- Rama Tadepalli, co-founder
- Sanjay Nazareth, co-founder
About Mintoak
- Product
- based fintech startup
- Customers
- Banks, financial institutions, and merchant acquirers that use software to serve SME merchants
- How it makes money
- Software and platform fees from banks and financial institutions using its merchant engagement tools
- What sets it apart
- Supports banks with merchant engagement, cross-sell, and loyalty tools
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