Embedded finance startup raised $20 million in a Series A funding round led by , with participation from and existing investors and .
Other institutional investors, including White Whale Venture Fund, also invested in this round.
The startup will use the capital raised to ramp up its tech stack and double down on the existing product portfolio, besides expanding into new markets like Southeast Asia.
In this funding round, HDFC Bank increased its stake to 7.75% from the current 5.20% for a cash consideration of $3.8 million (Rs 31.1 crore).
With this, Mintoak has raised a total of $40 million in funding.
Founded in 2017, Mintoak offers a Software-as-a-Service (SaaS) platform for merchant services, which allows merchants and their banking partners to deploy and rapidly scale value-added services (payments, lending, engagement) to their SME customers.
In FY22, Mintoak’s annual turnover increased to Rs 11.28 crore from Rs 60 lakh in 2020. It claims to serve over 1.5 million merchants across banks, including HDFC Bank, State Bank of India, and YES Bank, and has a presence in international markets such as Africa and the Middle East.
“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.
