Mintoak Innovations Pvt. Ltd, a merchants payment platform, has raised $2 million (Rs 15.14 crore at current exchange rate) in a pre-Series A funding round, it said in a statement.
The round in Mumbai-based Mintoak has been led by Pravega Ventures, with participation from existing backers. While the platform did not disclose the identities of these investors, it said it has been backed by payments and consumer banking veterans.
Mintoak was set up by Raman Khanduja, Rama Tadepalli and Sanjay Nazareth in 2017. The company says its core offering is an omni-channel payments platform that accepts and records traditional and digital forms of remuneration.
It will use the capital it has raised to enhance its technological infrastructure, as well as focus on product development.
Mintoak offers “adjacent services” that include real-time analytics for business owners, customer recognition at point-of-sale, feedback capture mechanisms and tools for rewards and marketing communications. The company claims that it has also offered its products to banks and has signed up five of them.
Deals in the fintech space
The fintech segment has seen a lot of investor activity for startups across all stages. Startups in verticals such as wealth management and neo-banking have pocketed large cheques.
Last month, payments infrastructure platform YAP announced a $4.5 million (around Rs 34.62 crore) fundraise, barely two months after its angel funding round. The exercise was led by Singapore-based Beenext, with participation from 8i Ventures Fund, the DMI Group via its investment vehicle Sparkle Fund, and Better Capital.
Also last month, VCCircle exclusively reported that mobile wallet firm ZipCash had raised its Series A funding round from a mix of domestic and foreign backers. In the same period, payments technology firm Juspay raised $21.6 million in its Series B funding round led by a Swedish investor.
In January, payment solutions provider Pine Labs Pvt. Ltd raised funding from Mastercard Inc. The deal marked the second reported bet that Mastercard had made on an Indian firm in a six-month time frame. In September last year, Mastercard had invested in software-as-a-service company Syntizen Technologies Pvt. Ltd.