Mintoak, a Mumbai, India-based embedded fintech startup that offers a SaaS platform, raised $20 million in Series A funding, bringing its total raised to $40 million.
PayPal Ventures led the round, which included participation from British International Investment and existing investors HDFC Bank and Pravega Ventures, and other institutional investors such as White Whale Venture Fund.
The funds will be used to expand the startup's tech stack and double down on its existing product portfolio, as well as to enter new markets such as Southeast Asia.
“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 offers a payments platform to merchants, allowing their banking partners to deploy and scale value-added services (payments, lending, and engagement) to their SME customers.
Company: Mintoak, Inc.
Round: Series A
Funding Month: February 2023
Lead Investors: PayPal Ventures
Additional Investors: HDFC Bank, Pravega Ventures, and White Whale Venture Fund
Company Website: https://www.mintoak.com/
Software Category: Payment and Financial Services
About the Company: 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. Its platform currently serves over 500,000 merchants in India and the Middle East and is already demonstrating consolidation of payments for merchants. Mintoak aims to reconnect banks with their entire base of SME merchants by transforming the merchants’ mobile phones as a medium to accept all forms of payments (Cards, QR, UPI, and SMS link-based payments) and deliver a comprehensive stack of commerce enablement solutions in an integrated manner.