India’s fintech SaaS platform Mintoak receives $20mn backing

India’s fintech SaaS platform Mintoak has raised US$20mn in Series A funding led by PayPal Ventures, as the company targets expansion into new markets in the Middle East, Africa and Southeast Asia.

Founded in 2017, Mintoak’s suite of SaaS solutions help banks and merchant acquirers to better connect with SME customers and drive higher cross-selling of financial products. Mintoak’s platform powers omni-channel payments, real-time analytics for business owners, SME commerce enablement solutions and access to capital. Banks partner with Mintoak to provide SMEs with cutting-edge solutions and efficient tools to manage and grow their businesses. The company currently serves over 1.5mn merchants across leading banks in India and international markets such as Africa and Middle East.

As well as PayPal Ventures, the latest tranche of funding comes courtesy of British International Investment and existing investors HDFC Bank and Pravega Ventures. Mintoak will use the money to strengthen its presence in India, roll out in new markets internationally, ramp up its tech stack and double down on its existing product portfolio.

Mintoak already supported by ‘trusted brands’

Raman Khanduja, CEO and Co-founder of Mintoak, explains the nature of the problem the company is trying to solve: “Mintoak’s platform is designed to cater to two fundamental realities: merchants want payments, analytics, commerce enablement solutions and seamless access to capital delivered via a single platform; and banks can leverage the trust they command to deliver an entire suite of business solutions to their SME customers by partnering with a fintech products company

“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.”

Ashish Aggarwal, Partner at PayPal Ventures, continues: “PayPal leverages technology to make financial services and commerce more convenient, affordable and secure to millions of businesses. Similarly, 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.”