Mumbai-based software-as-a-service (SaaS) platform Mintoak has raised $20 million in a Series A funding round led by PayPal Ventures, with participation from British International Investment.
Existing investors HDFC Bank and Pravega Ventures featured in this round of funding, whereas, other institutional investors, including White Whale Venture Fund also backed the company, as per a statement released on February 21.
Mintoak plans to deploy the raised capital to ramp up its tech stack and double down on the existing product portfolio.
It will also focus on strengthening its existing presence in India, while expanding into new markets including the Middle East, Africa and Southeast Asia.
Founded in 2017 by Raman Khanduja, Kabeer Jain, Rohit Ramana and Sanjay Nazareth, Mintoak is a SaaS platform for banks, enabling them to expand their payments proposition for merchants by integrating digital business solutions and leveraging the engagement to cross-sell and deliver financial products.
“Mintoak’s modular platform with pay-per-use pricing is white-labelled for each banking partner, which makes the entire proposition attractive to banks. I am thrilled to have some of the world’s most trusted brands place their faith in our product, team, and delivery,” said Khanduja, who is also the company's CEO apart from being its cofounder.
Mintoak has so far built a modularised, cloud-native and API-first payments platform that allows banks and merchant acquirers across India, Africa and Middle East to deploy and rapidly scale value added services, such as payments, lending, and engagement, to their small and medium enterprise (SME) customers.
The Mintoak platform claims to serve over 1.5 million merchants across leading banks in India, including HDFC Bank, SBI, and YES Bank, and in international markets such as Africa and the Middle East.
In December 2022, HDFC Bank acquired a 7.75 per cent stake in the fintech startup for Rs 31 crore. In 2020 the firm had raised $2 million in its pre-Series A round of fundraising led by Pravega Ventures, an early-stage venture capital fund.
“PayPal leverages technology to make financial services and commerce more convenient, affordable, and secure to millions of businesses,” said Ashish Aggarwal, Partner, PayPal Ventures.
“Similarly, Mintoak allows banks to offer a user-friendly, intuitive payments and commerce platform for merchants in developing nations through SaaS. We look forward to the next stage of Mintoak’s growth journey,” he added.
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