The round also saw participation from British International Investment and existing investors HDFC Bank and Pravega Ventures, among others
With the fresh capital, the startup wants to ramp up its tech stack and double down on its existing product portfolio
Last year, HDFC Bank acquired a 7.75% stake in the fintech startup in an all-cash deal of $3.7 Mn, or INR 31.14 Cr
Fintech startup Mintoak has raised $20 Mn in a Series A funding round led by PayPal Ventures. British International Investment, the startup’s existing investors HDFC Bank and Pravega Ventures, and institutional investor White Whale Venture Fund, too, participated in the round.
With the fresh capital, the startup wants to ramp up its tech stack and double down on its existing product portfolio. Further, it also plans to strengthen its presence in India while expanding into new markets like the Middle East, Africa, and Southeast Asia.
Founded in 2017 by Raman Khanduja, Rama Tadepalli and Sanjay Nazareth, Mintoak is a Mumbai-based merchant SaaS platform for banks. It connects commercial banks with small and medium-sized enterprises (SMEs) by enabling merchants to accept all types of payment forms.
Mintoak enables omnichannel payments, real-time analytics for business owners, SME commerce enablement solutions and access to capital. The startup currently serves over 1.5 Mn merchants across leading banks in India, including HDFC Bank, SBI, and YES Bank, and international markets such as Africa and the Middle East, it said in a statement.
“Mintoak’s platform is designed to cater to two fundamental realities: Merchants want payments, analytics, commerce enablement solutions and seamless access to capital delivered via a single platform; and banks can leverage the trust they command to deliver an entire suite of business solutions to their SME customers by partnering with a fintech products company,”
Raman Khanduja, CEO and cofounder of Mintoak, said.
PayPal Ventures is the global corporate venture arm of PayPal that invests for financial return in startups across fintech, commerce enablement, digital infrastructure, and crypto/blockchain technologies.
In December 2022, HDFC Bank announced that it would acquire a 7.75% stake in the fintech startup in an all-cash deal of $3.7 Mn (INR 31.14 Cr). The banking major has completed the acquisition in the latest funding round.
Fintech startups raised funding of $4.5 Bn across 250 deals in 2022, according to Inc42 data.