Mintoak
Mumbai-based software company founded in 2017 that gives banks and payment acquirers white-labeled platforms for merchant payments, loyalty and cross-selling. It acquired Dubai-based ICC Loyalty in August 2026.
Industry: Merchant payments software for banks | Location: Mumbai, India | Founded: 2017 | Total Funding: USD 32M
About Mintoak
Mintoak is a Mumbai-based software company that sells white-labeled merchant platforms to banks and payment acquirers, so that they can offer small and medium-sized businesses payments and related services. Its legal name is Mintoak Innovations Private Limited. The Entrepreneur Story describes it as a software-as-a-service platform for digital payments and banking solutions for small businesses.
Mintoak was founded in 2017. The Entrepreneur Story names Raman Khanduja, Rama Tadepalli and Sanjay Nazareth as founders, and Entrepreneur India adds Kabeer Jain and Rohit Ramana. Khanduja is chief executive, and Inc42 lists Ramana as chief financial officer.
The company's website lists modules including Smart Payments, which covers QR codes, cards, payment links and the Soundbox device, as well as DigiOnboard, SoundHub, Bill Payments, Business360 and StaffAccess. It also offers banks a way to cross-sell pre-approved loans and insurance to merchants. The website states that the platform serves more than 5.1 million merchants and annualised payment volume above 93 billion dollars, without giving a date. It lists two subsidiaries, ICC Loyalty and Digiledge, the latter an NPCI-certified technology service provider.
On 4 August 2026 Mintoak announced that it had acquired ICC Loyalty, a loyalty technology company headquartered in Dubai, without disclosing the price. The release says ICC Loyalty serves over 30 banks and 11 million customers in more than 10 countries, and that Mintoak works with over 50 banks in more than 20 countries, including HDFC Bank, Axis Bank, SBI Payments, Emirates Islamic, RAKBANK and Absa Bank.
In February 2023 Mintoak raised a 20 million dollar Series A led by PayPal Ventures, with British International Investment, White Whale Venture Fund, HDFC Bank and Pravega Ventures taking part. In December 2022 HDFC Bank had bought a minority stake for 3.7 million dollars, according to Entrackr. In January 2025 Z3Partners bought shares worth Rs 71 crore from early investors in a secondary deal that brought no new capital to the company. Entrackr, citing TheKredible, reported FY2024 revenue from operations of Rs 72.59 crore and a loss of Rs 21.45 crore.
Leadership
- Raman Khanduja, Co-founder and Chief Executive Officer
- Rama Tadepalli, Co-founder
- Sanjay Nazareth, Co-founder
- Kabeer Jain, Co-founder
- Rohit Ramana, Co-founder and Chief Financial Officer