In a series A investment spearheaded by PayPal Ventures, Mintoak, a SaaS platform that offers merchant services in India and other regions, has secured US $20 million. British International Investment joined the round in addition to previous investors HDFC Bank and Pravega Ventures.
Mintoak was established in 2017 to assist banks and merchant acquirers in providing value-added services to their SME clients through its platform, which combines access to capital, analytics, payments, and commerce enablement solutions.
Around 1.5 million merchants are served by Mintoak across a number of Indian institutions, including HDFC Bank, SBI, and Yes Bank. Also, it serves clients from countries in the Middle East and Africa.
The fresh funds will be used by the business to improve its product line, strengthen its technological foundation, and enter new markets. Raman Khanduja, co-founder and CEO of Mintoak, stated that the platform is made to satisfy the requirements of merchants that need a single solution for their business needs.
PayPal Ventures also contributed US $58 million to Tabby, a buy-now, pay-later company based in the United Arab Emirates, in January. This is the investor’s first investment in a market within the GCC.
