Mintoak, A fintech Software-as-a-service (SaaS) platform based in Mumbai, has raised $20 million from Paypal Ventures in the “Series A“ Round. The company earlier raised from the HDFC Bank and Pravega Ventures in the funding rounds. According to the Reports, White Whale Ventures also backed the fintech platform.
Mintoak planned to utilize its raised funds for the technology stack of its SaaS Platform, Product development, Hiring, and product expansion in new markets, including Southeast Asia, Africa, and the Middle East. They also focused on making a solid presence in India through branding and Promotions.
A Company was founded in 2017 by Raman Khanduja, Rohit Ramana, Sanjay Nazareth, and Kabeer Jain. It is a Saas platform for banks that helps them to expand their payments proposition for merchants by integrating digital business solutions, beneficial for cross-selling and delivering financial products.
Platform claims to serve over 15 Lacs merchants across major banks in the Indian market, including YES Bank, SBI Bank, and HDFC Bank, and in international markets such as Southeast Asia, Africa, and the Middle East.
Mintoak’s Previous Funding Rounds
Mintoak raised Rs 31 Crore in Dec 2022 from HDFC Bank Against a 7.75 percent stake in the company. In “Pre-Series A,” Round Mintoak raised $2 Million from Pravega Ventures.