MintOak lands ₹80 crore in debt to fund ICC Loyalty buy
MintOak Innovations, a Mumbai-based fintech SaaS startup backed by PayPal Ventures, has raised ₹80 crore (about $9 million) in debt from BlackSoil. The funding covers the debt portion of MintOak's acquisition of ICC Loyalty, a Dubai-based loyalty and rewards technology company.
MintOak runs a payments and engagement operating system that lets banks turn transactions into customer engagement and recurring revenue through a white-label platform. Adding ICC Loyalty extends that into loyalty, rewards, and customer interaction.
After the deal, MintOak works with more than 50 banks — including HDFC Bank, Axis Bank, SBI Payments, Emirates Islamic, and Absa Bank — across over 20 countries. The combined platform supports more than 5 million merchants and 11 million customers, processing annual payment volume above $93 billion.
The new entity is expected to generate over $30 million in annual revenue, with an EBITDA margin above 30%. ICC Loyalty alone serves more than 30 banks across 10 countries.
The lender said its investment was driven by MintOak's bank-led distribution model, integrations with major financial institutions, and a track record of profitable growth.
Founded in 2016, BlackSoil is an alternative credit platform combining an RBI-registered NBFC and a SEBI-registered AIF. It manages $275 million in assets and funds high-growth businesses across India and Southeast Asia, with a portfolio that includes 11 unicorns and 14 publicly listed companies.
Debt financing for acquisitions is becoming a viable path for profitable fintechs that want to scale without diluting equity. MintOak's cross-border buy signals ambitions well beyond India's banking sector.
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