HDFC Bank increased its stake to 7.75% from 5.20% through its investment, the Mumbai-based startup added.
HDFC Bank had announced the funding in a stock exchange filing in December.
Other institutional investors, including White Whale Partners, also invested in the round, it said. British International Investment is the development finance institution of the UK government, formerly called CDC Group.
Mintoak’s business is spread across India, Africa and the Middle East.
It partners with lenders such as HDFC Bank and State Bank of India to offer digital payments, lending, and engagement software solutions to merchant customers of the banks.
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“We will have a disproportionate focus outside India because in India we have the leading banks with us. Now, I think it’s time we use what we built for India to accelerate it outside,” cofounder and chief executive Raman Khanduja told ET in an interaction.Cofounders Khanduja, Rama Tadeppalli and Sanjay Nazareth were in leadership roles in India and South-Asia at Visa, prior to starting up.
The firm, founded in 2017, plans to deploy the latest capital to ramp up its technology stack and double down on its existing product portfolio.
“Mintoak’s modular platform with pay-per-use pricing is white-labelled for each banking partner, which makes the entire proposition attractive to banks. I am thrilled to have some of the world’s most trusted brands place their faith in our product, team and delivery,” Khanduja said.
Khanduja told ET that Mintoak relies on merchants who have current accounts registered in partner banks, adding that it has currently partnered with HDFC Bank, State Bank of India, Yes Bank and an undisclosed bank in India, Burgan Bank in Kuwait and Absa Bank in Africa.
Mintoak helps the banks monetise relationships with merchants and does not interfere in the commercial model between the two. The merchants are offered Mintoak’s product as a value-added proposition along with their current account by the bank.
The platform serves over 1.5 million merchants.
HDFC Bank currently provides the largest revenue pool to Mintoak, and entered its cap table in October 2021. Mintoak had raised Rs 15 crore led by Pravega Ventures in May 2020.
“PayPal leverages technology to make financial services and commerce more convenient, affordable, and secure to millions of businesses. Similarly, Mintoak allows banks to offer a user-friendly, intuitive payments and commerce platform for merchants in developing nations through SaaS,” PayPal Ventures partner Ashish Aggarwal said in a statement.
PayPal Ventures, the venture investment arm of San Jose, California-headquartered payments giant PayPal, led a $41.3 million funding round in logistics aggregator Shiprocket in July 2021.
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