BlackSoil has extended ₹80 crore to Mintoak to facilitate its acquisition of Dubai-based ICC Loyalty, marking a significant step in expanding the fintech’s customer rewards and retention services globally.
BlackSoil has extended ₹80 crore to Mintoak to help finance the Mumbai-based fintech’s acquisition of Dubai-based ICC Loyalty, a move that expands Mintoak’s reach from merchant payments into customer rewards and retention services, according to EquityPandit. The transaction adds a consumer-facing loyalty layer to a business that already serves banks and merchant acquirers, allowing it to cover both sides of the banking relationship.
Mintoak said the deal will strengthen its platform by combining its merchant software with ICC Loyalty’s tools for running card reward schemes, handling redemptions and analysing spending patterns. Industry reports said the company plans to raise the debt through up to 1,600 non-convertible debentures with a face value of ₹5 lakh each. ICC Loyalty, owned by ICC Fintech, works with banks and brands on digital loyalty programmes, cashback, gift cards and related banking features.
The combined business now works with more than 50 banks in over 20 countries, including HDFC Bank, Axis Bank, SBI Payments, Emirates Islamic and Absa Bank, according to the materials cited by EquityPandit. It supports more than 5 million merchants and 11 million customers and processes more than $93 billion in annual payment volume. The two businesses together generate more than $30 million in annual revenue, with a profit margin above 30%, the report said.
BlackSoil managing director Ankur Bansal said acquisition financing for profitable technology companies remains under-served in India and that Mintoak’s banking relationships and financial performance made it a strong candidate for backing. Mintoak co-founder and chief financial officer Rohit Ramana said the funding would help the company scale further and deepen its presence in overseas markets. The debt also fits BlackSoil’s broader push into private credit, with the firm active in the area since 2016 and managing about $275 million across India and South-east Asia, according to EquityPandit. Related reports said Mintoak recently closed a Series A round at a post-money valuation of ₹2,500 crore and posted higher revenue and profit in FY25, while the company also bought fintech startup Digiledge earlier this year.
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