Fintech startup Mintoak Innovations Pvt. Ltd has raised $20 million (Rs 165 crore) in a Series A funding round, led by PayPal Ventures. The round also saw participation from British International Investment, White Whale Venture Fund and existing investors HDFC Bank and Pravega Ventures.
The Mumbai-based company plans on utilising the funding towards developing its technology stack, product development, hiring and geographical expansion in the West Asia, Africa and Southeast Asia.
“Mintoak’s modular platform with pay-per-use pricing is white-labelled for each banking partner, which makes the entire proposition attractive to banks.” said Raman Khanduja, co-founder and chief executive officer, Mintoak.
Founded in 2017 by Khanduja, Rama Tadepalli and Sanjay Nazareth, Mintoak is a software-as-a-service (SaaS) platform that provides a payments-led platform offering value-added services to merchants for engaging with their customers. The company offers PoS (point of sale) machines to enable merchants to accept all modes of digital payments, including cards and UPI. It also offers Minotak 360 which provides merchants with real-time dashboards and payment reports.
The platform claims to serve 1.5 million merchants through its partner banks i.e. HDFC Bank, State Bank of India and Yes Bank and international banks such as Absa in Africa.
In the financial year 2022, Mintoak posted an operating income of Rs 11.28 crore and its profit after taxes stood at Rs 1.47 crore.
The company has cumulatively raised $22.5 million to date. Last year, the company raised Rs 31 crore from HDFC Bank. By way of this funding round, the bank has increased its stake to 7.75% from the 5.20% held previously. In 2020, the company raised about Rs 15.14 crore in a pre-Series A funding round led by Pravega Ventures.
As for the fintech sector, it emerged as one of the top-funded sectors in 2022, amidst a funding winter. Startups in the fintech sector raised $5.7 billion across 348 deals in 2022 according to startup intelligence platform Tracxn.
Last week, Walmart-owned digital payments platform PhonePe raised an additional $100 million in primary capital from Tiger Global, Ribbit Capital and TVS Capital Funds and insurtech startup InsuranceDekho raised $150 million (Rs 1,240 crore) in a Series A funding round led by New York-based Goldman Sachs Asset Management and TVS Capital Funds.