The company’s unique approach—partnering with banks rather than directly acquiring merchants—sets it apart from traditional payment aggregators
SaaS startup Mintoak is revolutionizing the digital payments landscape with its modular, cloud-native, API-first platform, designed to empower banks and merchants across India, Africa, and the Middle East. Founded in 2017 by industry veterans Raman Khanduja, Rama Tadepalli, Kabeer Jain, Sanjay Nazareth, and Rohit Ramana, the Mumbai-based company focuses on bridging the gap between banks and small businesses.
Mintoak’s platform integrates seamlessly with banks' existing infrastructure, providing merchants with streamlined payment processes, lending options, and customer engagement tools. The startup has quickly gained traction, serving over 3 million merchants through partnerships with leading banks like HDFC Bank, Axis Bank, SBI, and YES Bank in India, and expanding its reach into international markets. The company’s unique approach—partnering with banks rather than directly acquiring merchants—sets it apart from traditional payment aggregators. This strategy, combined with the adaptability of its platform, allows banks to customize solutions tailored to their market needs.
In February 2023, Mintoak raised $20 million in a Series A funding round led by PayPal Ventures, with participation from British International Investment and HDFC Bank, which increased its stake in the startup to 7.75%. With plans to expand aggressively into Africa, the Middle East, and Southeast Asia, Mintoak is poised to replicate its success in new markets while continuing to innovate and develop new products that enhance the merchant ecosystem.
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