Mintoak Innovations Pvt. Ltd., a fintech startup, has raised $20 million (Rs 165 crore) in a Series A fundraising round, which was spearheaded by PayPal Ventures. British International Investment, White Whale Venture Fund, as well as current investors HDFC Bank and Pravega Ventures, participated in the round as well.
The Mumbai-based company intends to use the investment for hiring, expanding geographically into West Asia, Africa, and Southeast Asia, and developing its technological stack, as per reported by VCCircle.
“Mintoak’s modular platform with pay-per-use pricing is white-labelled for each banking partner, which makes the entire proposition attractive to banks.” said Raman Khanduja, co-founder and chief executive officer, of Mintoak.
Mintoak is a software-as-a-service (SaaS) platform that was started in 2017 by Khanduja, Rama Tadepalli, and Sanjay Nazareth. It offers a payments-led platform that gives value-added services to businesses for engaging with their consumers.
According to the platform, 1.5 million merchants are served by its partner banks, including HDFC Bank, State Bank of India, Yes Bank, and foreign banks like Absa in Africa.
Financial services and merchant payments are powered by an embedded fintech company Mintoak. By using the merchants’ mobile phones as a platform to accept all forms of payments (cards, QR, UPI, and SMS link-based payments), they hope to reestablish a connection between banks and their entire base of SME merchants. They also hope to deliver an extensive stack of commerce enablement solutions in an integrated fashion.