Mintoak acquires Dubai's ICC Loyalty to expand banking rewards offerings
04 Aug 2026, 11:46 AMThe combined business generates over $30 million in annual revenue with a profitability margin exceeding 30%.
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Fintech startup Mintoak, which is backed by investors including PayPal Ventures and British International Investment, has acquired Dubai-headquartered loyalty solutions provider ICC Loyalty as it looks to expand beyond merchant payments into customer rewards and engagement solutions.
The companies did not disclose the financial details of the deal.
Following the acquisition, ICC Loyalty will continue to operate as a wholly-owned subsidiary, with its existing team remaining in place, a statement said. It added that the combined business generates over $30 million in annual revenue with a profitability margin exceeding 30%.
The acquisition also expands Mintoak's presence across the Middle East, Africa, Eastern Europe and Asia, helping the company offer banks new revenue opportunities beyond payments.
"Payments have become the foundation of banking relationships," noted Raman Khanduja, co-founder and CEO, Mintoak, "The next phase of growth will come from engagement. By bringing together merchant engagement, customer loyalty and data-driven intelligence, we are building a Payments and Engagement OS that enables banks to create greater value for merchants, consumers and banks," he added.
Founded in 2017, Mintoak provides merchant payment and business management solutions to banks and financial institutions. It works with more than 50 banks across 20 countries.
ICC Loyalty, founded by Amit Narang and Amit Goenka, helps banks run customer rewards and loyalty programmes. It serves more than 30 banks across 10 countries and reaches over 11 million banking customers.
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