Bengaluru: Merchant payments software company Mintoak has acquired Dubai-headquartered ICC Loyalty in a largely cash-funded deal, adding consumer rewards technology to its bank platform as it expands in West Asia and Africa . The companies did not disclose transaction terms.
The acquisition was funded mainly from Mintoak’s cash reserves, with a small debt component, cofounder and chief executive Raman Khanduja told ET. It forms part of the Rs 200-crore pool Mintoak earmarked last year for acquisitions adjacent to payments.
ICC manages the earning, redemption and expiry of credit-card reward points and targeted campaigns for 34 banks. It serves more than 11 million customers across over 10 countries.
Mintoak operates on the merchant, or acquiring, side of banking, supplying white-label software that lets lenders accept payments and cross-sell loans and insurance to small businesses . ICC operates on the consumer, or issuing, side by powering card loyalty programmes.
“We are on the merchant side and they are on the consumer side, while the economic buyer in the bank is the same,” Khanduja said. “We sit over the bank’s processing system and power engagement and monetisation. Processing itself is largely becoming a commodity.”
The combined business has about $30 million in annual revenue and an operating profit margin of around 30%, Khanduja said. Mintoak recorded FY25 revenue of Rs 106 crore and profit of Rs 32.6 crore. Its FY26 revenue grew about 25%, though the accounts are still being audited, Khanduja said.
Mintoak said its platform powers close to Rs 50,000 crore of monthly payment volume for various banks, including HDFC Bank, Axis Bank and SBI Payments. ICC’s clients include Emirates Islamic and RAKBANK.
ICC cofounder and chief executive Amit Narang said combining the acquiring and issuing products would allow the companies to sell more services to their existing bank clients. “It becomes a full-stack solution,” he said, adding that the offering would help win customers in Africa, where both companies are still expanding.
Founded in 2017 by former Visa executives, Mintoak acquired payments startup Digiledge in March 2025. It raised $20 million in 2023 in a round led by PayPal Ventures ; other backers include HDFC Bank, British International Investment, Pravega Ventures and Z3Partners.
