Acquisition · Financial Services

Mintoak buys Dubai loyalty firm ICC Loyalty

By Startup Enthusiast · 4 August 2026

What they do

Mintoak, a merchant payments platform for banks, acquired Dubai-based ICC Loyalty, a loyalty technology company

The acquisition was funded mainly from Mintoak's balance sheet with a small debt component, not from BlackSoil

The deal adds customer engagement capabilities and expands Mintoak's presence in the Middle East and Africa

Mintoak has acquired ICC Loyalty, a Dubai-headquartered loyalty technology company.
The deal terms were not disclosed.
The acquisition was funded mainly from Mintoak's cash reserves and a small debt component.
BlackSoil provided Rs 80 crore in acquisition financing through its alternative credit platform.
The acquisition is part of a Rs 200-crore pool Mintoak earmarked last year for adjacent acquisitions.
ICC Loyalty helps banks build engagement and rewards programmes for credit card customers.
The combined business will serve both the merchant (acquiring) and consumer (issuing) sides of banking.

Fintech firms are increasingly looking beyond payment processing to offer banks additional software for recurring revenue.
Mintoak CEO Raman Khanduja said payments are the foundation of banking, and the next growth phase comes from engagement.
The acquisition gives Mintoak access to 34 clients in the Middle East, where onboarding a new supplier takes 18-24 months.
Combining acquiring and issuing stacks creates more stickiness for clients, said ICC Loyalty CEO Amit Narang.

Mintoak provides a merchant payments and engagement operating system for banks.
It offers white-label software for banks to accept payments and cross-sell loans and insurance to small businesses.
The platform powers close to Rs 50,000 crore in monthly payment volume for banks like HDFC Bank, Axis Bank, and SBI Payments.
It supports over 5 million merchants and 11 million customers, processing more than $93 billion in annual payment volume.
Mintoak partners with over 50 banks across 20+ countries, including in India, the Middle East, and Africa.
Its subsidiaries include ICC Loyalty and Digiledge, an NPCI-certified technology service provider.
ICC Loyalty serves over 30 leading banks and 11 million customers across 10+ countries, managing credit-card reward points and campaigns.
ICC Loyalty clients include Emirates Islamic, Dubai Islamic Bank, and RAKBANK.

The acquisition expands Mintoak's presence across the Middle East, Africa, Eastern Europe, and Asia.
It adds customer engagement, loyalty, and rewards capabilities to Mintoak beyond merchant payments.
The combined offering helps banks serve both acquiring and issuing businesses through a unified platform.
The acquisition helps win customers in Africa, where both companies are expanding.

BlackSoil (financier) — Alternative credit platform founded in 2016, provides credit to new-age businesses in India and Southeast Asia, AUM about $275 million.

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