Mintoak Acquisition of ICC Loyalty Enhances Payments and Engagement Solutions

Mintoak, a payments and engagement operating system for acquirers, has successfully acquired ICC Loyalty. This acquisition broadens Mintoak’s reach across the Middle East, Africa, Eastern Europe, and Asia, simultaneously strengthening its capability to assist banks in generating income beyond traditional payment methods.

ICC Loyalty’s Impact on Banks

ICC Loyalty brings valuable loyalty and rewards technology to over 30 banks. Its sophisticated platform allows financial institutions to deliver personalised rewards, execute targeted marketing campaigns, and implement lifecycle engagement initiatives aimed at boosting customer retention and increasing transaction frequency. The company supports more than 11 million customers across over 10 countries.

Expanding Mintoak’s Capabilities

This acquisition enhances Mintoak’s offerings by adding customer engagement, loyalty, and rewards solutions to its existing services that previously focused on merchant payments and value-added services. It also empowers banks to manage both acquiring and issuing operations seamlessly through a consolidated platform.

Financial Performance and Future Prospects

The newly combined entity is expected to generate more than $30 million in annual revenue, boasting a profitability margin surpassing 30%. The integration of both platforms will enable banks to connect merchants, consumers, and payment data, further enhancing customer engagement and facilitating additional revenue opportunities.

Global Partnerships and Investments

Following this strategic acquisition, Mintoak now collaborates with over 50 banks spanning more than 20 countries. Notable partners include HDFC Bank, Axis Bank, and SBI Payments in India, alongside Emirates Islamic and RAKBANK in the Middle East, as well as Absa Bank in Africa. Supported by investors like PayPal Ventures, British International Investment, Pravega Ventures, HDFC Bank, and Z3Partners, Mintoak’s platform services more than 5 million merchants and 11 million customers, processing over $93 billion in annual payment volume.

Mintoak’s acquisition is poised to significantly enhance its payments and engagement platform for banks in emerging markets, as financial institutions increasingly seek to transcend mere transaction processing and foster stronger customer relationships while diversifying their revenue streams.