Bengaluru-based fintech Mintoak has acquired Dubai’s ICC Loyalty to add consumer rewards technology to its banking platform. The deal, funded by cash and debt, aims to create a full-stack solution for banks. This move targets growth in the African and West Asian markets by combining merchant payment services with card-based loyalty programs.
Mintoak, a fintech company focused on merchant payment software, has officially acquired the Dubai-based firm ICC Loyalty. This acquisition is part of a strategy to integrate consumer-facing reward systems into Mintoak’s existing backend platform used by banks. The deal, which utilized a mix of the company's cash reserves and a debt component, is intended to help the startup grow its footprint in West Asia and Africa.
Expanding Financial Services for Banks
ICC Loyalty specializes in managing reward points for credit card users, handling the earning, redemption, and expiry processes. The company currently serves 34 banks and covers over 11 million customers across more than 10 countries. By bringing these capabilities under its umbrella, Mintoak aims to provide a broader service range to lenders. Previously, Mintoak focused primarily on the acquiring side of payments, which helps banks manage transactions and offer products like loans or insurance to small businesses. With this acquisition, the company can now offer services on the issuing side, creating a more complete product suite for its banking clients.
Financial Performance and Market Impact
Mintoak has reported steady growth in its core operations. For the fiscal year 2025, the company recorded revenue of ₹106 crore and a profit of ₹32.6 crore. Its platform is currently used by major financial institutions, including HDFC Bank, Axis Bank, and SBI Payments, processing roughly ₹50,000 crore in monthly payment volumes. Following the acquisition, management projects the combined entity will reach an annual revenue of approximately $30 million, with an operating profit margin estimated at around 30%.
Strategic Growth and Past Acquisitions
This move follows Mintoak’s earlier purchase of the payments startup Digiledge in March 2025, signaling an active strategy to acquire niche technology firms to build scale. The company previously raised $20 million in a 2023 funding round led by PayPal Ventures, providing the capital necessary for these expansion efforts. The integration with ICC Loyalty is expected to help the company compete more effectively for new banking partnerships, particularly in emerging African markets where banks are looking for unified digital solutions.
Investors may monitor how Mintoak integrates these operations and manages the debt taken on for the acquisition. Key areas to track in upcoming quarters include the combined revenue growth, the ability to retain ICC Loyalty's banking clients like Emirates Islamic and RAKBANK, and whether the targeted operating profit margins are maintained as the company enters new geographic regions.