Mintoak Innovation, an embedded finance startup, raised $20 million in a Series A funding round led by PayPal Ventures, with participation from British International Investment, HDFC Bank, and existing investors Pravega Ventures.
White Whale Venture Fund and other institutional investors also participated in this round.
Besides expanding into new markets like Southeast Asia, the startup will use the raised capital to ramp up its tech stack and focus even more on its existing product portfolio.
HDFC Bank increased its stake in this funding round from 5.20% to 7.75% for a cash consideration of $3.8 million (Rs 31.1 crore).
With this, Mintoak has raised $40 million in funding.
Mintoak, a merchant services Software-as-a-Service (SaaS) platform, was founded in 2017. It allows merchants and their banking partners to quickly scale and implement value-added services (payments, lending, engagement) to their SME customers.
From Rs 60 lakh in FY2020 to Rs 11.28 crore in FY22, Mintoak’s annual turnover increased. It claims to serve over 1.5 million merchants across banks, including HDFC Bank, State Bank of India, and YES Bank. It operates in international markets such as the Middle East and Africa.
“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 Raman Khanduja, CEO and Co-founder of Mintoak.
“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,” said Ashish Aggarwal, Partner, PayPal Ventures.
