Mintoak Acquires ICC Loyalty to Expand Fintech Offerings for Banks

Mumbai-based fintech startup Mintoak has announced the acquisition of ICC Loyalty, a Dubai-based company specializing in loyalty programs and rewards solutions. The acquisition aims to broaden Mintoak's offerings from traditional merchant payment processing into customer engagement and data commercialization.

Raman Khanduja, co-founder and CEO of Mintoak, confirmed the deal, the financial terms of which were not disclosed. He indicated that the acquisition, funded by Mintoak's balance sheet with a small debt component, was one of approximately 50 opportunities evaluated. ICC Loyalty will operate as a wholly-owned subsidiary, retaining its existing team.

Mintoak, founded in 2017, provides a platform for banks and financial institutions to extend business management tools, payments, and financial product cross-selling to their SME merchant clients. The company currently works with over 50 banks across 20 countries, serving more than 5 million merchants.

ICC Loyalty, in turn, offers loyalty and rewards infrastructure to over 30 banks in 10 countries, reaching more than 11 million banking customers. Through the acquisition, Mintoak plans to cross-sell its own services to ICC's client base and offer ICC's rewards stack to its own banking partners. This expands Mintoak's international business, which already accounts for about half of its revenue.