Mintoak, a Mumbai-based Fintech platform, has raised $20 million in a Series A funding round led by PayPal Ventures. Series A also witnessed participation from British International Investment and previous investors HDFC Bank and Pravega Ventures.
The company will use the additional funding to expand into new areas, develop its technology base, and enhance its product line.
Additionally, it would concentrate on bolstering its current position in India while extending into new countries, such as the Middle East, Africa, and Southeast Asia.
An embedded FinTech firm, Mintoak has developed a modularized, cloud-native, and API-first platform that enables banks to provide their merchant base with simple solutions for accepting payments and facilitating commerce.
The Fintech firm states that it serves over 1.5 million merchants in overseas markets like Africa, the Middle East, and India’s top institutions, including HDFC Bank, SBI, and YES Bank.
Mintoak integrates with banks’ existing infrastructure and powers its customers
Mintoak is a SaaS platform for banks that enables them to broaden their payment offering to merchants by integrating digital business solutions and utilizing engagement to cross-sell and deliver financial products. It was founded in 2017 by Raman Khanduja, Kabeer Jain, Rohit Ramana, and Sanjay Nazareth.
Banks find the overall offering appealing because Mintoak’s modular platform with pay-per-use pricing is white-labeled for each banking partner, added Raman Khanduja, the company’s co-founder and CEO. He expressed his excitement that some of the most reputable businesses in the world have confidence in their product, people, and delivery.
Using a Platform as a Service (PaaS) paradigm, the platform interfaces with the banks’ current infrastructure and supports financial services and merchant acquisitions for some of the biggest banks in India and beyond.
Banks may re-engage with MSMEs by opening access to commerce enablement solutions beyond simply providing a digital payments infrastructure.
The platform has increased from less than 1,000 merchants to over a million over the past two years, revolutionizing how MSMEs run their business and payment operations.
HDFC Bank invested INR 31 crore in December 2022 to purchase a 7.75 percent interest in the fintech business. Pravega Ventures, an early-stage venture capital fund, led the company’s $2 million pre-Series A fundraising round in 2020.
