Mintoak Secures Acquisition Financing

Mintoak, a fintech SaaS startup located in Mumbai and supported by PayPal Ventures, has successfully obtained Rs 80 crore (approximately $9 million) in acquisition funding from BlackSoil. This financing has been allocated towards the debt component of Mintoak’s acquisition of ICC Loyalty, a Dubai-based company specialising in loyalty and rewards technology.

Mintoak’s Expanding Partnerships

In the aftermath of the acquisition, Mintoak now collaborates with over 50 banks, including prominent names like HDFC Bank, Axis Bank, SBI Payments, Emirates Islamic, and Absa Bank, across more than 20 countries. The combined platform boasts support for upwards of 5 million merchants and 11 million customers, while processing an impressive annual payment volume exceeding $93 billion.

Enhanced Offerings Post-Acquisition

Through the partnership with ICC Loyalty, Mintoak enhances its offerings in the realms of payments, merchant engagement, loyalty, and customer interaction. This collaboration aids banks in uncovering additional value beyond traditional payment solutions.

Investment Drivers According to BlackSoil

BlackSoil has noted that the investment was propelled by Mintoak’s bank-led distribution model, significant integrations with leading financial institutions, and a solid history of profitable growth. ICC Loyalty, which serves over 30 banks across 10 countries, adds considerable value to Mintoak’s operations. The new entity is expected to generate more than $30 million in annual revenue, with an EBITDA margin surpassing 30%.

About BlackSoil

Founded in 2016, BlackSoil operates as an alternative credit platform with an RBI-registered systemically important NBFC and a SEBI-registered AIF. The firm manages assets amounting to $275 million and provides funding to high-growth new economy businesses throughout India and Southeast Asia. Its diverse portfolio includes 11 unicorns and 14 publicly listed companies.

Mintoak’s Business Model

Mintoak delivers a comprehensive payments and engagement operating system for banks, enabling financial institutions to transform payment transactions into customer engagement, create recurring revenue, and foster long-term value through a unified white label platform.