Mintoak, a Mumbai-based fintech SaaS startup backed by PayPal Ventures, has secured Rs 80 crore (approximately $9 million) in acquisition financing from BlackSoil. The facility financed the debt component of Mintoak's acquisition of Dubai-based loyalty and rewards technology company ICC Loyalty. Following the acquisition, Mintoak now partners with more than 50 banks, including HDFC Bank, Axis Bank, SBI Payments, Emirates Islamic and Absa Bank, across over 20 countries. The combined platform supports more than 5 million merchants and 11 million customers while processng over $93 billion in annual payment volume. Together, Mintoak and ICC Loyalty offer capabilities across payments, merchant engagement, loyalty and customer engagement, which help banks unlock additional value beyond payments. According to BlackSoil, the investment was driven by Mintoak's bank-led distribution model, deep integrations with leading financial institutions and track record of profitable growth. ICC Loyalty, which serves more than 30 banks across 10 countries, complements Mintoak's business. The combined entity generates more than $30 million in annual revenue with an EBITDA margin exceeding 30%. Founded in 2016, BlackSoil is an alternative credit platform that operates an RBI registered systemically important NBFC and a SEBI registered AIF. The firm manages assets worth $275 million and provides credit to high-growth new economy businesses across India and Southeast Asia. Its portfolio includes 11 unicorns and 14 listed companies. Mintoak provides a payments and engagement operating system for banks, enabling financial institutions to convert payment transactions into customer engagement, recurring revenue and long-term value through a unified white label platform. Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our investorshere.
