PayPal Ventures leads $20M Series A funding round for Mintoak
- ByStartupStory | February 21, 2023
Mintoak Innovation, an embedded finance startup, has secured $20 million in a Series A funding round, with PayPal Ventures leading the investment. The funding also includes participation from British International Investment and existing investors HDFC Bank and Pravega Ventures.
White Whale Venture Fund and other institutional investors also participated in the funding round. The $20 million raised will be used by Mintoak Innovation to enhance its technology infrastructure, strengthen its product portfolio, and expand its presence in new markets, such as Southeast Asia.
HDFC Bank has boosted its stake to 7.75% from 5.20% in the latest funding round by shelling out $3.8 million (Rs 31.1 crore) in cash.
Mintoak has now accumulated a sum of $40 million in funds through its latest funding round. Established in 2017, the company provides a Software-as-a-Service (SaaS) platform for merchant services. This platform enables merchants and their banking associates to promptly deploy and expand value-added services (including payments, lending, and engagement) for their SME customers.
Mintoak’s annual turnover in FY22 surged to Rs 11.28 crore, as opposed to Rs 60 lakh in 2020. The company caters to more than 1.5 million merchants across various banks, such as HDFC Bank, State Bank of India, and YES Bank. Besides, it has an international presence in regions like Africa and the Middle East.
Raman Khanduja, Mintoak’s CEO and Co-founder, expressed his excitement over the trust that the company has garnered from some of the world’s leading brands. He highlighted the modular nature of Mintoak’s platform, which is white-labelled for each banking partner, and comes with pay-per-use pricing. This unique proposition has been the key factor in attracting the attention of banks.
Ashish Aggarwal, Partner at PayPal Ventures, expressed his excitement over Mintoak’s growth journey and the company’s ability to provide banks with a user-friendly, intuitive SaaS-based payments and commerce platform for merchants in developing countries.
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