Merchant SaaS platform Mintoak has acquired fintech startup Digiledge, specialising in bill payments and Central Bank Digital Currency (CBDC) solutions, for an undisclosed amount.

The deal amount is expected to be $3.5 million, a Reuters report said.

Digiledge's advanced bill payments and CBDC stack enhance payment infrastructure, digitize financial workflows, and ensure secure transactions.

This acquisition strengthens Mintoak’s mission to help banks and acquirers engage, retain, and monetize merchants. By adding bill payments and CBDC capabilities, Mintoak equips acquirers with advanced solutions to support SMEs in the digital age.

The deal is expected to enable Mintoak's partner banks, including HDFC Bank, Axis Bank, SBI to offer more comprehensive CBDC-related payment solutions to their clients.

Founded in 2017 by Raman Khanduja, Rama Tadepalli, and Sanjay Nazareth, Mintoak offers a suite of SaaS products 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. 

It serves over 1.5 million merchants across major banks like HDFC Bank, SBI, and YES Bank in India and international markets such as Africa and the Middle East. It enables $50 billion in annual GMV and processes over $3 billion in transactions annually.

Recently, Mintoak raised Rs 71 crore (around $8.2 million) in a secondary funding round led by Z3Partners.

Mintoak registered Rs 72.59 crore in revenue from operations in FY24 against Rs 42.3 crore in FY23. During the period, its losses jumped twofold to Rs 21.45 crore.

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.