Exclusive: Mintoak Plans to Acquire Dubai-Based ICC Loyalty

Why It Matters

The acquisition expands Mintoak’s product suite into digital loyalty, unlocking new cross‑sell opportunities with banks and merchants and strengthening its foothold in the fast‑growing fintech ecosystem.

Key Takeaways

• Mintoak raises Rs 80 crore debt for ICC Loyalty acquisition.
• Second acquisition this year, following Digiledge purchase.
• Revenue grew 27.9% YoY to Rs 92.85 crore.
• Net profit jumped 56% to Rs 35.58 crore.
• Loyalty platform adds digital rewards for banks, brands.

Pulse Analysis

Mintoak’s decision to tap BlackSoil’s debt facility reflects a broader trend among Indian fintechs using non‑convertible debentures to finance strategic growth. The Rs 80 crore NCD issuance provides low‑cost capital without diluting existing shareholders, allowing the firm to act swiftly on cross‑border opportunities. By pairing this financing with its recent Series A round, Mintoak demonstrates confidence in its valuation and a disciplined capital‑raising approach that balances equity and debt.

ICC Loyalty brings a robust suite of digital rewards, cashback, and gift‑card solutions tailored for banks and consumer brands. Integrating these capabilities with Mintoak’s merchant‑focused SaaS platform creates a unified offering that can drive higher customer engagement and enable banks to bundle financial products with loyalty incentives. This synergy is especially valuable in markets where consumer retention hinges on personalized reward experiences, positioning Mintoak to capture a larger share of the merchant‑acquirer ecosystem.

The move underscores the accelerating convergence of payments, banking, and loyalty technologies across borders. For Indian fintechs, acquiring a Dubai‑based player not only expands geographic reach but also provides access to a mature Middle‑East market where digital loyalty programs are gaining traction. Combined with Mintoak’s strong FY25 financial performance, the acquisition signals a scaling phase that could attract further institutional interest and set a precedent for similar cross‑regional deals in the sector.