Mintoak Innovations Pvt. Ltd, a Mumbai-based fintech startup, has raised $20 million (Rs 165 crore) in a Series A funding round led by PayPal Ventures. British International Investment, White Whale Venture Fund and existing investors HDFC Bank and Pravega Ventures also participated in the funding round.

With this round, HDFC Bank has increased its stake to 7.75% from the 5.20% held previously. 

As per the startup, the raised funds will be used towards developing its technology stack, product development, hiring and geographical expansion in West Asia, Africa and Southeast Asia. 

Mintoak | Powering Merchant Payments And Financial Services

Founded by Raman Khanduja, Rama Tadepalli and Sanjay Nazareth in 2017, Mintoak is an embedded fintech startup powering merchant payments and financial services.

The software-as-a-service (SaaS) based fintech startup offers value-added services to merchants for engaging with their customers. It offers PoS (point of sale) machines to enable merchants to accept all modes of digital payments, including cards and UPI. 

Speaking about the development, Raman Khanduja, CEO and Co-founder of Mintoak, said, 

“Mintoak’s modular platform with pay-per-use pricing is white-labelled for each banking partner, which makes the entire proposition attractive to banks. I am thrilled to have some of the world’s most trusted brands place their faith in our product, team, and delivery.” 

The Mumbai-based fintech startup aims to reconnect banks with their entire base of SME merchants by transforming the merchants’ mobile phone as a medium to accept all forms of payments (Cards, QR, UPI and SMS link-based payments) and deliver a comprehensive stack of commerce enablement solutions in an integrated manner. 

Mintoak claims to serve 1.5 million merchants through its partner banks, i.e. State Bank of India, HDFC Bank and Yes Bank. The startup also has a presence in international markets such as Africa and the Middle East.

Commenting on the development, Ashish Aggarwal, Partner, PayPal Ventures, said, 

“Mintoak allows banks to offer a user-friendly, intuitive payments and commerce platform for merchants in developing nations through SaaS. We look forward to the next stage of Mintoak’s growth journey.” 

So far, the Mumbai-based fintech startup has raised a total funding of $22.5 million. Last year, it raised Rs 31 crore from HDFC Bank. In 2020, it raised around Rs 15.14 crore in a pre-Series A funding round led by Pravega Ventures. 

As per startup intelligence platform Tracxn, last year, startups in the fintech sector raised $5.7 billion across 348 deals. Last month, PhonePe raised $350 million in funding from global growth equity firm General Atlantic at a pre-money valuation of $12 billion. Also, Bengaluru-based fintech startup BankSathi raised $4 million in pre-Series A funding from Kotak Securities, We Founder Circle, Hem Securities, Lets Venture, and Inflection Point Ventures.

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