SaaS platform Mintoak Bags Rs 71 Cr In Funding

Mintoak, a software-as-a-service (SaaS) platform has raised Rs 71 crore in a secondary funding round.

Z3Partners, a venture capital firm, is investing ₹71 crore (around $8.3 million) to buy minority stakes from Mintoak’s early institutional investors, the fintech startup said in a statement.

Mintoak earlier raised $20 million in a Series A funding round led by PayPal Ventures, with support from British International Investment. During the same round, HDFC Bank increased its stake in the startup from 5.20% to 7.75%. Existing investor Pravega Ventures and a few other institutional investors also participated.

Read also - Vedanta Acquires Londen-Based Riverside Studio

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

Gautam Patel, Founder and Managing Partner at Z3Partners, said, "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. We’re thrilled to support their global ambition and transformative efforts in the merchant-acquirer ecosystem."

About Mintoak 

Founded in 2017 and based in New Delhi, Mintoak is a SaaS platform that helps banks enhance their payment services for merchants. It integrates digital business solutions and uses this engagement to cross-sell and offer financial products.

Mintoak works with major banks like HDFC Bank, State Bank of India, Axis Bank, and YES Bank. It has also expanded globally, partnering with banks like Absa and Network International. Now operating in six countries, Mintoak manages over $50 billion in annual GMV and processes more than $3 billion in transactions each year.

Startup Funding News: Your Gateway to Every Funding Update.

Latest Startup News: Stay updated with the latest startup news and trends. Your go-to source for startup ecosystem updates.

Startup Stories: Discover inspiring tales of startups overcoming challenges and achieving success.