Mintoak, an Indian fintech company, has acquired ICC Loyalty, a Dubai-headquartered loyalty technology provider, to strengthen its presence across the Middle East, Africa, Eastern Europe and Asia while expanding beyond payment infrastructure into customer engagement and loyalty services.
The acquisition, announced on Tuesday, combines Mintoak’s merchant payments platform with ICC Loyalty’s customer rewards and engagement technology, creating what the companies describe as a unified payments-and-engagement operating system for banks across emerging markets.
Financial terms of the transaction were not disclosed. Still, the deal reflects a broader shift in the banking and payments industry, where financial institutions are looking beyond transaction processing to generate new revenue through customer engagement, personalised rewards and data-driven services.
ICC Loyalty, headquartered in Dubai, provides loyalty and rewards technology to more than 30 banks across over 10 countries, serving more than 11 million customers. Its platform enables banks to deliver personalised rewards, targeted marketing campaigns and customer lifecycle programmes designed to improve retention and increase transaction frequency.
Following the acquisition, Mintoak said it now works with more than 50 banks across more than 20 countries, including HDFC Bank, Axis Bank and SBI Payments in India, Emirates Islamic and RAKBANK in the Middle East, and Absa Bank in Africa.
The combined business generates more than $30 million in annual revenue and maintains a profitability margin exceeding 30 percent, providing resources to support further investment in product development and international expansion.
“This acquisition represents a defining milestone for Mintoak,” said Raman Khanduja, co-founder and chief executive officer of Mintoak.
“Payments have become the foundation of banking relationships. The next phase of growth will come from engagement. By bringing together merchant engagement, customer loyalty and data-driven intelligence, we are building a payments and engagement OS that enables banks to create greater value for merchants, consumers and banks.”
The acquisition also expands Mintoak’s capabilities beyond merchant payment acceptance and value-added services into customer loyalty, allowing banks to manage both acquiring and issuing businesses through a single platform.
Amit Narang, co-founder and chief executive officer of ICC Loyalty, said integrating with Mintoak would enable the company to leverage artificial intelligence to deliver more personalised customer experiences.
“Joining Mintoak allows us to integrate their advanced AI and platform capabilities into ICC’s ecosystem, delivering next-generation hyper-personalisation for both our existing and new clients,” Narang said.
Mintoak said the combined platform will enable banks to connect merchant data, consumer behaviour and payment transactions, creating new monetisation opportunities beyond traditional payment processing.
Founded in Mumbai, Mintoak develops white-label payment and merchant engagement solutions for banks. The company is backed by investors including PayPal Ventures, British International Investment, HDFC Bank, Pravega Ventures and Z3Partners.
Its platform supports more than five million merchants, over 11 million customers and processes more than $93 billion in annual payment volume.
The acquisition further strengthens Mintoak’s footprint across emerging markets as banks seek technology platforms that combine payments, customer engagement and data analytics into a single ecosystem.
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