Mumbai-based fintech SaaS startup Mintoak has raised Rs 80 crore (approximately $9 million) in acquisition financing from alternative credit platform BlackSoil. The financing has been used to fund the debt component of Mintoak’s acquisition of Dubai-based loyalty and rewards technology company ICC Loyalty, strengthening its global banking and merchant engagement capabilities.
The acquisition significantly expands Mintoak’s international footprint and enhances its product portfolio by combining payment infrastructure with loyalty and customer engagement solutions. With the integration of ICC Loyalty, Mintoak now partners with more than 50 banks across over 20 countries, including HDFC Bank, Axis Bank, SBI Payments, Emirates Islamic, and Absa Bank.
The combined platform now serves over 5 million merchants and 11 million customers, while processing more than $93 billion in annual payment volume. Together, Mintoak and ICC Loyalty offer an integrated suite of solutions spanning payments, merchant engagement, loyalty programs, and customer engagement, enabling banks to create new revenue streams and deliver greater value beyond traditional payment services.
According to BlackSoil, its investment decision was driven by Mintoak’s strong bank-led distribution model, deep integrations with leading financial institutions, and proven track record of profitable growth. ICC Loyalty, which serves over 30 banks across 10 countries, complements Mintoak’s existing capabilities and further strengthens its position in the global fintech ecosystem.
Following the acquisition, the combined business is expected to generate more than $30 million in annual revenue, while maintaining an EBITDA margin exceeding 30%, highlighting the company’s operational efficiency and sustainable growth.
Founded in 2016, BlackSoil is an alternative credit platform that operates an RBI-registered systemically important NBFC and a SEBI-registered Alternative Investment Fund (AIF). The firm manages assets worth approximately $275 million and provides growth capital to high-potential new economy businesses across India and Southeast Asia. Its investment portfolio includes 11 unicorns and 14 publicly listed companies.
Mintoak, backed by PayPal Ventures, provides a payments and engagement operating system for banks through a unified white-label platform. Its technology enables financial institutions to transform payment transactions into customer engagement, recurring revenue opportunities, and long-term merchant value.
The acquisition of ICC Loyalty represents a strategic milestone for Mintoak as it accelerates its global expansion and strengthens its position as a leading fintech infrastructure provider for banks. By integrating payments, loyalty, and merchant engagement into a single platform, the company is well-positioned to capitalize on the growing demand for value-added banking solutions across international markets.
