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The combined business generates over $30 million in annual revenue with a profitability margin exceeding 30%.
The startup also received its final approval from the RBI to act as a payment aggregator for cross-border transactions.
Besides, the partnership will also allow PayPal's employees access to ChatGPT Enterprise.
Apart from India's NPCI, PayPal has also partnered with Brazil’s Mercado Pago, Tencent Holdings’ Tenpay Global, and its own subsidiary Venmo.
Earlier this year, two startups Skydo and BriskPe were granted in-principle authorization to act as a cross-border payment aggregator (PA-CB).
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.
As part of this deal, Z3Partners is acquiring a minority stake from some of Mintoak’s initial institutional investors.
