Mintoak, an India-based software-as-a-service (SaaS) platform focused on merchant services, has raised $20 million in a Series A funding round led by PayPal Ventures with participation from British International Investment and existing investors HDFC Bank and Pravega Ventures. Other institutional investors, including White Whale Venture Fund, also invested in this round.
The company plans to deploy the raised capital to ramp up its tech stack and double down on the existing product portfolio. It will focus on strengthening its existing presence in India while expanding into new markets including the Middle East, Africa and Southeast Asia.
According to a company statement, Mintoak’s SaaS-based product suite helps banks and merchant acquirers to connect with their small and medium enterprise (SME) customers and drive higher cross-sell of financial products. It has claimed to serve over 1.5 million merchants across leading banks in India (including HDFC Bank, SBI, and YES Bank) and international markets such as Africa and the Middle East.
“Mintoak’s platform is designed to cater to two fundamental realities. On the one hand, Merchants want payments, analytics, commerce enablement solutions and seamless access to capital delivered via a single platform. On the other hand, and banks can leverage the trust they command to deliver an entire suite of business solutions to their SME customers by partnering with a fintech products company,” said Raman Khanduja, CEO and Co-founder of Mintoak.
“Mintoak’s modular platform with pay-per-use pricing is white-labeled 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, ” he added.
“PayPal leverages technology to make financial services and commerce more convenient, affordable, and secure to millions of businesses. 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,” Asish Agarwal, Partner at PayPal Ventures, said.