Mumbai-based payments platform Mintoak has acquired Dubai’s ICC Loyalty, extending its reach across the Middle East, Africa, Eastern Europe and Asia, integrating merchant payments with consumer engagement tools to shift focus from processing to customer retention.
Mintoak, the Mumbai-based payments platform for bank acquirers, has bought ICC Loyalty, a Dubai-based loyalty and rewards technology company, in a deal that expands its footprint across the Middle East, Africa, Eastern Europe and Asia. The acquisition combines merchant payments infrastructure with consumer-facing engagement tools, positioning the group to offer banks a broader suite of software for retention, rewards and transaction growth.
ICC Loyalty works with more than 30 banks and serves over 11 million customers in more than 10 countries, according to the companies and reporting by Fintech Futures. Its clients include Emirates Islamic, Dubai Islamic Bank, RAKBANK, Abu Dhabi Islamic Bank and other regional lenders. The platform is used to run personalised rewards, targeted campaigns and lifecycle engagement programmes designed to lift repeat usage and deepen customer relationships.
No purchase price was disclosed. Mintoak said the combined business generates more than $30 million in annual revenue and has a profitability margin of above 30%, although that figure was provided by the company rather than independently verified. Moneycontrol reported that the transaction was financed through internal accruals, with Mintoak pointing to several years of net profitability. The deal adds to a business that already says it works with more than 50 banks in more than 20 countries, processes more than $93 billion in annual payment volume and serves over 5 million merchants.
Raman Khanduja, Mintoak’s co-founder and chief executive, said the company sees payments as the base layer of banking relationships and engagement as the next stage of growth. Amit Narang, ICC Loyalty’s co-founder and chief executive, said the tie-up would allow his company to use Mintoak’s platform and artificial intelligence capabilities to deliver more personalised services. The acquisition also fits a wider industry trend: as payment processing becomes increasingly commoditised, acquirers are looking to move into data, loyalty and customer engagement to capture more value. That strategy is more demanding to execute, however, because it brings together very different product, regulatory and data-governance requirements.
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