Mintoak, a Mumbai-based payment software provider with a reported annual processing volume of $93bn, has acquired Emirati loyalty technology company ICC Loyalty in a deal said to have added more than 50 banks in over 20 countries to the Indian fintech’s network of partners.
Indian business news portal Moneycontrol said Mintoak, whos chief target clients are banks, also supports more than five million merchants.
Payment services company PayPal and British International Investment, a British government development institution, hold stakes in Mintoak. The latter has operations in the Middle East, Africa and Eastern Europe besides Asia, Moneycontrol said.
ICC, which is headquartered in Dubai, provides technology used by more than 30 banks in about 10 countries and has more than 11 million individual customers, according to Moneycontrol.
ICC itself says its client portfolio includes more than 300 airlines, 300,000-plus hotels and 2,500-plus e-commerce merchants.
Mintoak and ICC did not disclose the financial terms of the deal, but Mintoak co-founder and chief executive Raman Khanduja was cited by Moneycontrol as saying the entire sum paid by his company came from its own revenues.
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