Mintoak venture debt of ₹80 crore (approximately $9 million) has landed from alternative credit platform BlackSoil, as publicly reported on 2026-08-06. The Mumbai-based fintech SaaS startup raised the acquisition financing specifically to fund the debt component of its buyout of Dubai-based loyalty and rewards technology company ICC Loyalty. The transaction marks a significant step in Mintoak’s strategy to build a unified payments and customer engagement platform for banks across emerging markets.
Quick Highlights
- Lead Investor: BlackSoil
- Investor Background: BlackSoil, founded in 2016, is an RBI-registered systemically important NBFC and SEBI-registered Alternative Investment Fund (AIF) that manages assets worth $275 million and provides credit to high-growth new economy businesses across India and Southeast Asia, with a portfolio that includes 11 unicorns and 14 listed companies.
- Founders: Raman Khanduja (CEO), Rama Tadepalli (CPO), Sanjay Nazareth (COO), Kabeer Jain (CTO), and Rohit Ramana (CFO)
- Headquarters: Mumbai, Maharashtra
- Announcement Date: 6 August 2026
Funding Breakdown
Use of Funds
The ₹80 crore facility financed the debt component of Mintoak’s acquisition of ICC Loyalty — a Dubai-headquartered fintech platform that builds digital loyalty and rewards solutions for banks and enterprises, helping them run loyalty programmes, manage rewards, cashback, gift cards, and digital banking features. As publicly reported, the acquisition was funded predominantly through Mintoak’s balance sheet, with this BlackSoil facility covering the debt portion. Mintoak’s board approved the issuance of up to 1,600 Non-Convertible Debentures (NCDs) at a face value of ₹5 lakh each to raise the ₹80 crore. ICC Loyalty will operate as a wholly-owned subsidiary and retain its existing team.
Funding Timeline
Mintoak previously raised $20 million in a Series A round led by PayPal Ventures. Most recently, it raised ₹53.3 crore (around $6 million) in an extension to its ongoing Series A from existing investors PayPal and Pravega Ventures. In March 2025, the company acquired fintech startup Digiledge — which focuses on bill payments and CBDC solutions — for an undisclosed sum, marking its first acquisition. The ICC Loyalty buyout, backed by this BlackSoil venture debt facility, represents Mintoak’s second acquisition in under a year.
Expansion Plans
With ICC Loyalty now a wholly-owned subsidiary, Mintoak plans to cross-sell its merchant engagement platform to ICC’s existing bank clients while offering ICC’s rewards stack to its own banking partners. The combined entity now partners with more than 50 banks — including HDFC Bank, Axis Bank, SBI Payments, Emirates Islamic, and Absa Bank — across more than 20 countries. As publicly reported, Mintoak’s co-founder and CFO Rohit Ramana stated that the funding would help the company scale its platform further and grow its presence in key overseas markets. The acquisition also strengthens Mintoak’s foothold in the Middle East, a region the company had been targeting for some time, as the ICC Loyalty client network includes major UAE-based banks such as Abu Dhabi Islamic Bank, Emirates Islamic, Dubai Islamic Bank, and RAKBANK. The acquisition expands Mintoak’s geographic presence across the Middle East, Africa, Eastern Europe, and Asia.
Significance
This deal is notable on multiple fronts. First, it demonstrates that acquisition debt financing for profitable technology companies — a segment that BlackSoil’s managing director Ankur Bansal publicly described as “underserved” in India — is gaining traction as an asset class. Second, the combined Mintoak–ICC Loyalty platform now serves over 5 million merchants and 11 million customers while processing more than $93 billion in annual payment volume, instantly positioning the merged entity among the more formidable B2B fintech platforms targeting banks globally. Third, with the combined business generating more than $30 million in annual revenue at an EBITDA margin exceeding 30%, the deal reinforces that bank-focused SaaS platforms with deep institutional integrations can achieve profitable scale — a compelling counter-narrative in an era when fintech profitability is under intense scrutiny. For India’s fintech ecosystem, it signals a maturing deal environment where structured debt instruments like NCDs are being used creatively to finance cross-border, bolt-on acquisitions.
These details have been verified against multiple publicly available reports as of 2026-08-06.
Stay updated with the latest startup funding news on The Courtroom.
Disclaimer: This report is compiled from publicly available sources and is for informational purposes only; funding figures are as publicly reported and may be subject to change.
