Exclusive: Mintoak plans to acquire Dubai-based ICC Loyalty

Merchant SaaS platform Mintoak is set to raise Rs 80 crore in debt from BlackSoil to fund the acquisition of Dubai-based customer loyalty management platform Innovative Consumer Concepts (ICC Loyalty). This will be the second acquisition for the Mumbai-based firm in the past year.

Mintoak’s board has passed a resolution to approve the issuance of up to 1,600 Non-Convertible Debentures (NCDs) at  a face value of Rs 5 lakh each to raise Rs 80 crore, according to its filing with the Registrar of Companies.

Innovative Consumer Concepts (ICC Loyalty) is a Dubai-based fintech platform by ICC Fintech that builds digital loyalty and rewards solutions for brands and financial institutions, helping them run loyalty programs, manage rewards, cashback, gift cards, and digital banking features.

Mintoak declined to comment on queries sent by Entrackr.

Recently, the company raised Rs 53.3 crore (around $6 million) in its ongoing Series A round from existing investors PayPal and Pravega Ventures at a post-money valuation of Rs 2,500 crore (about $280 million).

Founded by Raman Khanduja, Rama Tadepalli, and Sanjay Nazareth, the company’s product suite includes a range of SaaS offerings that help banks and merchant acquirers connect with their small and medium enterprise (SME) customers and drive the cross-sell of financial products.

In FY25, Mintoak’s operating revenue rose 27.9% year-on-year to Rs 92.85 crore from Rs 72.59 crore in FY24. Its net profit also jumped 56% to Rs 35.58 crore during the fiscal, compared to Rs 22.76 crore in FY24.

In March 2025, Mintoak acquired fintech startup Digiledge, which focuses on bill payments and Central Bank Digital Currency (CBDC) solutions, in a deal whose value was not disclosed.