Mintoak
Overview
Mintoak is a merchant-focused SaaS platform that facilitates digital payments and commerce enablement for banks and merchant acquirers. Founded in 2017 by Raman Khanduja, Rama Tadepalli, and Sanjay Nazareth, the company is headquartered in Mumbai, India. Mintoak has raised approximately $40 million in equity funding to date, with HDFC Bank, PayPal Ventures, and British International Investment among its key investors. The company enables banks to offer merchants a comprehensive suite of financial services, including payment processing, loyalty programs, and cross-selling opportunities.
Recent Developments
- January 9, 2025: Mintoak raised INR 71 crores (approximately $8.2 million) in a secondary funding round led by Z3Partners, acquiring a minority stake from existing institutional investors. This investment aims to increase Mintoak’s revenue share from international markets, particularly in West Asia and Africa, from less than 10% to 25% within three years.
- December 2024: The company expanded its leadership with strategic hires aiming to enhance its growth in Southeast Asia, the Middle East, and Africa. New appointments were made to focus on specific regions, including digital payments and global partnerships development.
- October 2024: Mintoak partnered with Axis Bank to introduce a new mobile SaaS platform aimed at simplifying merchant payments and business solutions, promoting financial inclusion and digital payment adoption among SMEs.
- January 2023: Mintoak secured $20 million in Series A funding, with investments from PayPal Ventures, British International Investment, and other existing backers. The funding supports Mintoak's technological enhancements and market expansion strategies, particularly in the Middle East and Africa.
Company Information
| Attribute | Information |
|---|---|
| Founding Date | 2017 |
| Headquarters | Mumbai, India |
| Founders | Raman Khanduja, Rama Tadepalli, Sanjay Nazareth |
| Revenue | Rs 72.59 crore (FY24) |
| Profits | Rs 21 crore (FY24) |
| Key Investors | HDFC Bank, PayPal Ventures, British International Investment |
| Industry | SaaS, FinTech |
| Number of Employees | 137 (as of Oct 2024) |
Early History
Mintoak was conceptualized in 2017 amidst the digital payment boom in India. Co-founders Raman Khanduja, Rama Tadepalli, and Sanjay Nazareth brought their extensive experience in financial services and digital payments from previous roles at Visa and other financial institutions. The initial challenges included gaining banker acceptance and integration with existing systems. Mintoak positioned itself as a digital bridge between banks and small merchants, fostering improved customer engagement and service offerings. Early investment came from Pravega Ventures, which played a crucial role in the company’s formative stages.
Company Profile and Achievements
Mintoak operates by partnering with banks to deliver tailor-made digital solutions to small and medium-sized enterprises (SMEs). Its platform is cloud-native and API-driven, offering flexibility and scalability to financial institutions. Key achievements include:
- Serving over 3 million merchants across six countries, facilitating transactions worth over $50 billion annually.
- Formed strategic partnerships with leading banks such as HDFC Bank, State Bank of India, and Absa Bank.
- Recognized for efficiently integrating payment processing and commerce enablement solutions seamlessly within banking infrastructures.
- Achieved significant market penetration by offering banks a white-labeled payment platform that enhances customer engagement and boosts cross-sell capabilities.
Current Operations and Market Position
Mintoak continues to strengthen its position as an embedded fintech leader, facilitating merchant payments and financial services globally. The company's strategic focus includes expanding its market shares in Southeast Asia, the Middle East, and Africa. A key competitive advantage is its collaboration with banks, providing a unified platform for payment acceptance and financial services. In India, Mintoak is seen as a crucial player among fintech platforms, leveraging its partnerships with major banks to enhance SME bank engagement and transaction volume.
Mintoak HDFC
Mintoak has a close operational relationship with HDFC Bank, which not only acts as a client but also an investor in the company. This partnership is exemplified by joint solutions like the SmartHub Vyapar app, empowering merchants with digital financial services and payment solutions. HDFC Bank’s increased investment in Mintoak reflects a shared vision to expand digital payment ecosystems and enhance merchant services.
Mintoak Company Vacancy
Mintoak is actively expanding its operational team to support its international growth strategies. Recent strategic hires have focused on enhancing global presence, particularly in regions witnessing rising digital payment adoption. The company seeks individuals with expertise in digital payments, regulatory compliance, and international business development.
Conclusion
Mintoak is a rising force in the fintech industry, facilitating the seamless integration of digital payments and financial services for banks and their SME clients. The company's agile, API-driven approach positions it well to capitalize on the burgeoning demand for digital payment solutions across emerging markets. With strategic investments and partnerships, Mintoak's future trajectory appears robust, focusing on geographic and technological expansions to meet SME demands globally.