BlackSoil provides Rs 80 crore acquisition financing for Mintoak's ICC Loyalty buy
07 Aug 2026, 12:23 PMBlackSoil said it backed the transaction citing Mintoak's banking partnerships, profitable growth and scalable business model.
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Alternative credit platform BlackSoil has provided Rs 80 crore in acquisition financing to Mumbai-based fintech SaaS startup Mintoak for its purchase of Dubai-headquartered ICC Loyalty.
BlackSoil said it backed the transaction citing Mintoak's banking partnerships, profitable growth and scalable business model. It also said the financing aligns with its strategy of supporting technology-led businesses through structured credit and acquisition financing.
Last month, Blacksoil acquired Credit Fair's rooftop solar financing portfolio, taking over their technology, team, and a loan book.
Earlier this week, Mintoak, which is backed by PayPay Ventures and British International Investment, acquired ICC Loyalty for an undisclosed amount.
Following the acquisition, Mintoak now works with more than 50 banks across over 20 countries, including HDFC Bank, Axis Bank, SBI Payments, Emirates Islamic and Absa Bank. The combined entity serves more than 5 million merchants and 11 million customers.
The combined business is expected to generate more than $30 million in annual revenue while maintaining EBITDA margins of over 30%.
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