Funding Summary
Mumbai-based Mintoak, a software-as-a-service (SaaS) platform for banks, has secured $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 also participated in the round, alongside other institutional investors, including White Whale Venture Fund. The funds will be used to enhance the tech stack and double down on the existing product portfolio, strengthen Mintoak’s presence in India, and expand into new markets, such as the Middle East, Africa, and Southeast Asia.
Mintoak has successfully raised $20 million in a Series A funding round, which was led by PayPal Ventures, with participation from British International Investment. Other institutional investors, including White Whale Venture Fund, also backed the company in this funding round, according to a statement released on February 21.
Founded in 2017 by Raman Khanduja, Kabeer Jain, Rohit Ramana, and Sanjay Nazareth, Mintoak is a SaaS platform that enables banks to expand their payments proposition for merchants by integrating digital business solutions and leveraging engagement to cross-sell and deliver financial products.
Mintoak’s modular platform has pay-per-use pricing, which is white-labeled for each banking partner, making the entire proposition attractive to banks. The company has built a modularized, cloud-native, and API-first payments platform that allows banks and merchant acquirers across India, Africa, and the 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, as well as in international markets such as Africa and the Middle East. In December 2022, HDFC Bank acquired a 7.75 percent stake in the fintech startup for Rs 31 crore. In 2020, the company 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.
