SaaS platform Mintoak closes Rs 71 Cr secondary investment from Z3Partners

Mintoak, a SaaS platform serving banks and merchant acquirers, has raised Rs 71 crore in a secondary funding round.

The round saw early-growth investor Z3Partners acquire a minority stake from some of Mintoak's initial institutional investors.

"This fundraiser is a good validation of the value we’ve delivered to some of our early backers,” said Raman Khanduja, CEO and Co-founder of Mintoak. “We’re excited to welcome Z3Partners to our journey and look forward to leveraging their expertise as we scale to new heights."

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SaaS startup Mintoak is empowering banks to help small businesses and merchants

Mintoak is a merchant SaaS (Software-as-a-Service) platform that helps banks and merchant acquirers improve their engagement with small and medium enterprises (SMEs). It provides payment processing services and tools for cross-selling, loyalty programmes, and gamified customer engagement campaigns.

The New Delhi-based platform counts major banks such as HDFC Bank, State Bank of India, Axis Bank, and YES Bank among its clients. The platform has also expanded internationally, working with banks like Absa and Network International. Operating in six countries, Mintoak handles more than $50 billion in annual gross merchandise value (GMV) and processes over $3 billion in transactions every year.

"Mintoak’s remarkable product-led growth and innovation are redefining how Banks and SMEs collaborate, demonstrating trust and transaction scale. Their leadership team has world-class capability in working with Banks and Merchants globally with their prior experience at leading financial institutions," said Gautam Patel, Founder and Managing Partner at Z3Partners. "We’re thrilled to support their global ambition and transformative efforts in the merchant-acquirer ecosystem."

In February 2023, Mintoak raised $20 million in Series A funding round led by PayPal Ventures with participation from British International Investment. In the same funding round, HDFC Bank increased its stake in the startup to 7.75% from 5.20%, while another existing investor, Pravega Ventures, also participated along with a few other institutional investors.