Mintoak, a SaaS platform that provides merchant services in India and other markets, has raised $20 million in a Series A round led by PayPal Ventures, bringing its total raise to date to $25.8 million.
Founded in 2017, Mintoak offers a Software-as-a-Service platform for merchant services. It enables banks and merchant acquirers to deploy a suite of business solutions including payments, real-time analytics, SME commerce enablement solutions and access to capital via its single platform to provide their SME customers with efficient tools to manage and grow their businesses.
The platform currently serves over 1.5 million merchants across leading banks in India (including HDFC Bank, SBI, and YES Bank) and international markets such as Africa and the Middle East, the company claimed in a statement.
With the new capital, the company plans to deploy the raised capital to ramp up its tech stack and double down on the existing product portfolio. It also plans to strengthen its presence in India and consequently expand into other markets including the Middle East, Africa and Southeast Asia.
The round included participation from British International Investment and existing investors HDFC Bank and Pravega Ventures, and other institutional investors such as White Whale Venture Fund.