Mintoak, a dynamic SaaS platform specializing in banking and merchant acquirer solutions, recently garnered significant attention by securing Rs 71 Crore in a secondary funding round facilitated by Z3Partners. This early-growth investor acquired a minority stake from Mintoak’s initial institutional investors, highlighting the growing confidence in Mintoak’s innovative offerings. CEO and Co-founder Raman Khanduja emphasized that this investment serves as a significant validation of Mintoak’s value proposition. The company’s mission is to enhance the engagement between banks and small and medium enterprises (SMEs) by providing advanced payment processing services and tools designed for cross-selling, loyalty programs, and customer engagement campaigns.
Headquartered in New Delhi, Mintoak has built a robust clientele that includes some of India’s most prominent banks, such as HDFC Bank, State Bank of India, Axis Bank, and YES Bank. Furthermore, Mintoak has extended its footprint internationally, collaborating with well-known financial institutions like Absa and Network International. Currently operating in six countries, Mintoak handles over $50 billion in annual gross merchandise value (GMV) and processes transactions exceeding $3 billion annually. This extensive operational scale underscores the company’s significant impact on the fintech landscape.
Gautam Patel, founder of Z3Partners, has praised Mintoak’s innovative, product-led growth approach, stating that the platform is redefining the collaboration between banks and SMEs through considerable trust and transaction scale. Z3Partners has expressed strong support for Mintoak’s ambitious global endeavors and its efforts to transform the merchant-acquirer ecosystem. Mintoak’s dedication to driving fintech innovations continues to shape the way banks and SMEs interact and conduct business, making it a key player in the industry.
The recent funding round builds on Mintoak’s momentum from its $20 million Series A round in February 2023, led by PayPal Ventures and British International Investment. In that round, HDFC Bank notably increased its stake from 5.20% to 7.75%, signaling its confidence in Mintoak’s potential. Existing investor Pravega Ventures also participated, further solidifying Mintoak’s financial foundation. With a leadership team boasting extensive experience from leading financial institutions, Mintoak is poised to drive further growth and innovation within the fintech sector.
Mintoak’s recent funding and expansion efforts underscore the company’s ongoing success and growing influence in the fintech industry. By enhancing the interaction between banks and SMEs through advanced SaaS solutions, Mintoak continues to set new benchmarks. The support from Z3Partners and other investors has validated Mintoak’s robust growth trajectory and immense global potential. As Mintoak forges ahead, the fintech landscape can anticipate further transformative developments that will strengthen the collaboration between banks and SMEs.
