Mintoak, a merchant SaaS platform specializing in solutions for banks and merchant acquirers, has raised Rs 71 crore (approximately $8.2 million) in a secondary funding round led by Z3Partners. This transaction marks a strategic milestone as Z3Partners acquires a minority stake from some of Mintoak’s early institutional investors. The company has chosen not to disclose the names of the investors involved in this secondary transaction.
This funding round follows a successful $20 million Series A round in February 2023, led by PayPal Ventures and other investors. In December 2022, HDFC Bank acquired a minority stake in Mintoak for $3.7 million and subsequently increased its holding to 7.75% from the previous 5.20%.
The Mumbai-based startup has raised Rs 192 crore (nearly $25 million), positioning itself as a robust player in the fintech and SaaS ecosystem. Founded by Raman Khanduja, Rama Tadepalli, and Sanjay Nazareth, Mintoak offers a comprehensive product suite that empowers banks and merchant acquirers to engage small and medium enterprises (SMEs). Their solutions drive payments, cross-sell financial products, and enhance customer engagement through gamified loyalty campaigns.
Currently serving over 1.5 million merchants across leading banks like HDFC Bank, SBI, and YES Bank, Mintoak has expanded its reach beyond India to international markets in Africa and the Middle East. The startup claims to have supported over 3 million merchants across six countries, helping merchant acquirers rapidly scale their SME base with efficient deployment strategies.
Z3Partners, a prominent investor in tech-driven companies, continues to focus on high-growth sectors such as fintech, health tech, SaaS, and tech-enabled businesses. With investments in companies like Altum Credo, Bhanzu, DealShare, and Shipsy, Z3Partners adds Mintoak to its diverse portfolio, aligning with its vision to drive innovation in India’s tech ecosystem.
Mintoak’s latest funding round underscores its growing influence in the fintech space, with the capital likely fueling further expansion, product development, and deepening its presence in international markets.
