Payments have become the foundation of banking relationships, says Khanduja
Mintoak has acquired Dubai’s ICC Loyalty, expanding its footprint across the Middle East, Africa, Eastern Europe and Asia. ICC Loyalty serves over 30 leading banks and 11 million customers across 10+ countries, with clients including Emirates Islamic, Dubai Islamic Bank (DIB) and RAKBANK.
This acquisition will help banks unlock new revenue opportunities beyond payments, said Mumbai-headquartered Mintoak with offices in Bangalore and Dubai as well as more than 50 bank partnerships across 20+ countries, including HDFC Bank, Axis Bank, SBI Payments, Emirates Islamic, RAKBANK and Absa Bank. Backed by PayPal Ventures, HDFC Bank, British International Investment, Pravega Ventures and Z3Partners.
The acquisition expands Mintoak beyond merchant payments to include customer engagement, loyalty and rewards. The combined business generates over US$30 million in annual revenue with a profitability margin exceeding 30%.
“This acquisition represents a defining milestone for Mintoak,” said Raman Khanduja, Co-founder and Chief Executive Officer, Mintoak.
“Payments have become the foundation of banking relationships. The next phase of growth will come from engagement. By bringing together merchant engagement, customer loyalty and data-driven intelligence, we are building a Payments and Engagement OS that enables banks to create greater value for merchants, consumers and banks,” Khanduja said on 4 Aug.
“Joining Mintoak allows us to integrate their advanced AI and platform capabilities into ICC’s ecosystem, delivering next-generation hyper-personalisation for both our existing and new clients,” said Amit Narang, Co-founder and Chief Executive Officer, ICC Loyalty. “Together, we will help banks deliver more meaningful customer experiences while creating measurable commercial value.”
Following the acquisition, Mintoak now partners with over 50 banks across 20+ countries, including HDFC Bank, Axis Bank and SBI Payments in India, Emirates Islamic and RAKBANK in the Middle East and Absa Bank in Africa. Backed by PayPal Ventures, British International Investment, Pravega Ventures, HDFC Bank and Z3Partners, its platform supports over 5 million merchants and 11 million customers while powering more than US$93 billion in annual payment volume.
Together, Mintoak and ICC Loyalty are building the leading Payments and Engagement OS for banks, helping financial institutions unlock deeper customer relationships and new revenue opportunities. Fiinews.com
