PayPal Ventures-backed Mumbai-based financial SaaS startup Mintoak has obtained Rs 80 crore (about $9 million) in acquisition funding from BlackSoil. The facility covered the debt portion of Mintoak’s purchase of ICC Loyalty; a loyalty and rewards technology firm located in Dubai.
Since the acquisition, Mintoak has partnered with over 50 banks in more than 20 countries, including HDFC Bank, Axis Bank, SBI Payments, Emirates Islamic, and Absa Bank.
Over 5 million merchants and 11 million customers are supported by the integrated platform, which processes over $93 billion in payments annually. In order to assist banks capture value beyond payments, Mintoak and ICC Loyalty provide capabilities in the areas of payments, merchant engagement, loyalty, and consumer interaction.
BlackSoil claims that Mintoak’s bank-led distribution approach, strong connections with top financial institutions, and successful growth history were the driving forces behind the investment. Mintoak’s business is complemented by ICC Loyalty, which services over 30 banks in ten countries. With an EBITDA margin of more than 30%, the merged company brings in more than $30 million annually.
BlackSoil is an alternative credit platform that was established in 2016 and runs an AIF registered with SEBI and a systemically important NBFC registered with RBI. The company oversees $275 million in assets and offers credit to rapidly expanding new economy companies in Southeast Asia and India. There are 14 public firms and 11 unicorns in its portfolio.
With the help of Mintoak’s payments and engagement operating system, banks may use a single white label platform to transform payment transactions into long-term value, recurring revenue, and customer interaction.
