Indian SaaS fintech Mintoak bags $20m in Series A funding
Mintoak, a Mumbai-based Software-as-a-Service (SaaS) platform for merchant services, has secured $20 million in a Series A funding round led by PayPal Ventures.
Mintoak’s founders. Image source: Mintoak.
British International Investment, White Whale Venture Fund and existing investors HDFC Bank and Pravega Ventures also took part in the round.
Founded in 2017, Mintoak’s SaaS products enable banks and merchant acquirers to provide financial services to their small and medium-sized business (SMB) customers including omnichannel payments acceptance, real-time analytics for business owners, SMB commerce enablement solutions and access to capital.
Its solutions allow merchants to use their mobile phones as a medium to accept all forms of payments, including cards, QR codes, UPI and SMS link-based payments.
With the funding, Mintoak plans to further develop its existing product portfolio and build out its tech stack. It will also focus on strengthening its presence in India and expanding into new markets across the Middle East, Africa and Southeast Asia.
Raman Khanduja, CEO and co-founder of Mintoak, adds that the firm’s “modular platform with pay-per-use pricing is white-labelled for each banking partner, which makes the entire proposition attractive to banks”.
Currently, Mintoak claims to serve over 1.5 million merchants across India’s biggest banks – including HDFC Bank, SBI and Yes Bank – as well as international markets in Africa and the Middle East.
