Mintoak acquires rewards fintech ICC Loyalty to expand bank platform in West Asia, Africa

Bengaluru-based merchant payments software firm Mintoak has acquired Dubai-based ICC Loyalty, a fintech specializing in consumer rewards technology, in a largely cash-funded deal. The acquisition aims to expand Mintoak's platform in West Asia and Africa. The purchase was primarily funded using Mintoak's cash reserves, with a minor debt contribution, according to co-founder and CEO Raman Khanduja.

The acquisition is part of Mintoak's strategy to invest Rs 200 crore in strategic acquisitions aligned with its payments business last year. ICC Loyalty manages the earning, redemption, and expiry of credit-card reward points for 34 banks, serving over 11 million customers across more than 10 countries. Mintoak, which operates on the merchant side of banking, provides white-label software for lenders to accept payments and cross-sell loans and insurance to small businesses.

The combined entity has a revenue of approximately $30 million annually and an operating profit margin of about 30%. Mintoak's FY25 revenue was Rs 106 crore, with a profit of Rs 32.6 crore, while its FY26 revenue grew by around 25%, though the accounts are still being audited. Mintoak's platform processes around Rs 50,000 crore in monthly payments for various banks, including HDFC Bank, Axis Bank, and SBI Payments.

ICC Loyalty's clients include Emirates Islamic and RAKBANK. Combining the acquiring and issuing products will enable the companies to offer a full-stack solution to their existing bank clients, potentially expanding their reach into Africa, where both firms are still growing.