Software-as-a-Service (SaaS) platform Mintoak, which specialises in merchant services, has secured $20 million, including participation from PayPal Ventures, British International Investment, and current investors HDFC Bank and Pravega Ventures. The Mumbai-based business claimed that HDFC Bank increased its equity through its investment from 5.20% to 7.75%.

In a stock exchange statement from December, HDFC Bank made the fundraising announcement. White Whale Partners and other institutional investors participated in the round, it added. The UK government's development financing organisation, British International Investment, was originally known as CDC Group. The business of Mintoak spans the Middle East, Africa, and India.

It collaborates with lenders including State Bank of India and HDFC Bank to provide digital lending, engagement, and payment software solutions to the banks' merchant clients. "As we are partnered with the top banks in India, we will place an excessive amount of emphasis outside of India. Raman Khanduja, co-founder and CEO, said in an interview that it is now time to push what we established for India outside of India.

Before launching their own company, cofounders Khanduja, Rama Tadeppalli, and Sanjay Nazareth had executive positions at Visa in South Asia and India. The 2017-founded company intends to use the most recent funding to expand its product line and strengthen its current technological foundation. "Banks find the overall offering appealing because Mintoak's modular platform with pay-per-use pricing is white-labeled for each banking partner. Some of the most reputable brands in the world have put their trust in our product, staff, and delivery, and I am happy about it," Khanduja added.

Khanduja, Mintoak relies on retailers that have current accounts set up with partner banks. He also noted that the company has current partnerships with HDFC Bank, State Bank of India, Yes Bank, and an unidentified bank in India, Burgan Bank in Kuwait, and Absa Bank in Africa.

Mintoak does not interfere with the two parties' commercial model while assisting banks in making money from their partnerships with merchants. The bank offers Mintoak's product to the retailers in addition to their current account as a value-added proposition. There are almost 1.5 million merchants using the platform. The greatest revenue pool that Mintoak presently receives is from HDFC Bank, which joined its cap table in October 2021. In May 2020, Mintoak raised Rs 15 crore with the help of Pravega Ventures.

"PayPal uses technology to improve the accessibility, affordability, and security of financial services and online commerce for millions of businesses. In a similar vein, Mintoak enables banks to provide merchants in developing countries with a user-friendly, intuitive payments and commerce platform via SaaS, according to PayPal Ventures partner Ashish Aggarwal. In July 2021, PayPal Ventures, the venture capital division of the payments behemoth with headquarters in San Jose, California, PayPal, led a $41.3 million funding round in logistics aggregator Shiprocket.