Merchant payments company Mintoak has closed a secondary funding round of Rs 71 crores. As part of this deal, Z3Partners is acquiring a minority stake from some of Mintoak’s initial institutional investors. 

Mintoak is a merchant SaaS (software-as-a-service) platform that helps banks and merchant acquirers improve their engagement with small and medium enterprises. It provides payment processing services and tools for cross-selling, loyalty programmes, and gamified customer engagement campaigns. 

The platform claims to drive SME engagement for acquirers, empowering over 3 million merchants across six countries. It enables $50 billion in annual GMV and processes over $3 billion in transactions annually.

HDFC Bank,  State Bank of India, Axis Bank and YES Bank in India, Absa Bank, Network International, Burgan Bank, Ahli United Bank, and NMB Bank are some of its domestic and global clients.

“At Mintoak, delivering value to our clients, employees, and investors is at the heart of  everything we do. This fundraiser is a good validation of the value we’ve delivered to  some of our early backers,” said Raman Khanduja, CEO and co-founder of Mintoak.

In February 2023, Mintoak raised $20 million in Series A funding round led by PayPal Ventures, along with participation from British International Investment. HDFC Bank had then also increased its stake in the startup to 7.75% from 5.20%, while Pravega Ventures also participated in the round.