ICC Loyalty has been purchased by Mintoak, a payments and engagement OS for acquirers. Through the acquisition, Mintoak’s presence in the Middle East, Africa, Eastern Europe, and Asia is increased, and its capacity to assist banks in generating income beyond payments is strengthened.
More than thirty banks receive loyalty and rewards technology from ICC Loyalty. Financial institutions can use its platform to provide lifecycle engagement programs, targeted promotions, and personalized awards with the goal of increasing transaction frequency and customer retention. The business provides services to more than 11 million clients in more than ten nations.
The firm claims that the acquisition broadens Mintoak’s capabilities to encompass customer interaction, loyalty, and rewards in addition to merchant payments and value-added services. Additionally, it makes it possible for banks to use a single platform to assist both issuing and acquiring companies.
According to the corporation, the combined operation brings in over $30 million annually and has a profitability margin of more than 30%. It claimed that by connecting businesses, customers, and payment data, the unified platform will allow banks to enhance customer engagement and provide new income opportunities.
Since the acquisition, Mintoak has partnered with more than 50 institutions in more than 20 countries, including Absa Bank in Africa, Emirates Islamic and RAKBANK in the Middle East, HDFC Bank, Axis Bank, and SBI Payments in India. Supported by investors like as PayPal Ventures, British International Investment, Pravega Ventures, HDFC Bank, and Z3Partners, the firm claims that their platform supports 11 million clients and over 5 million merchants, processing over $93 billion in payments annually.
As financial institutions increasingly go beyond transaction processing to enhance client relationships and diversify revenue sources, Mintoak said the acquisition will help it extend its payments and engagement platform for banks across emerging economies.
