Mintoak Acquires UAE-Based ICC Loyalty
Mintoak acquired UAE’s ICC Loyalty to expand merchant engagement and loyalty solutions across 17 countries.
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Merchant SaaS platform Mintoak has acquired UAE-based ICC Loyalty, a provider of loyalty and rewards solutions for banks and financial institutions, as the company looks to expand its fintech offerings for merchant-acquiring banks across India, the Middle East and Africa. Currently serves more than 5.1 million merchants across 17 countries.
The acquisition will enable Mintoak to integrate loyalty and customer engagement capabilities into its existing merchant platform, allowing partner banks to offer rewards, cashback programmes and personalised merchant engagement solutions alongside payment acceptance and business management tools. The move is aimed at helping banks strengthen merchant relationships and create additional revenue opportunities.
“This acquisition represents a defining milestone for Mintoak,” said Raman Khanduja, Co-founder and Chief Executive Officer, Mintoak. “Payments have become the foundation of banking relationships. The next phase of growth will come from engagement. By bringing together merchant engagement, customer loyalty and data-driven intelligence, we are building a Payments and Engagement OS that enables banks to create greater value for merchants, consumers and banks.”
The acquisition expands Mintoak beyond merchant payments. The combined business generates over USD 30 million in annual revenue with a profitability margin exceeding 30%.
“Joining Mintoak allows us to integrate their advanced AI and platform capabilities into ICC’s ecosystem, delivering next-generation hyper-personalisation for both our existing and new clients,” said Amit Narang, Co-founder and Chief Executive Officer, ICC Loyalty. “Together, we will help banks deliver more meaningful customer experiences while creating measurable commercial value.”
Merchant SaaS platform Mintoak has acquired UAE-based ICC Loyalty, a provider of loyalty and rewards solutions for banks and financial institutions, as the company looks to expand its fintech offerings for merchant-acquiring banks across India, the Middle East and Africa. Currently serves more than 5.1 million merchants across 17 countries.
The acquisition will enable Mintoak to integrate loyalty and customer engagement capabilities into its existing merchant platform, allowing partner banks to offer rewards, cashback programmes and personalised merchant engagement solutions alongside payment acceptance and business management tools. The move is aimed at helping banks strengthen merchant relationships and create additional revenue opportunities.
“This acquisition represents a defining milestone for Mintoak,” said Raman Khanduja, Co-founder and Chief Executive Officer, Mintoak. “Payments have become the foundation of banking relationships. The next phase of growth will come from engagement. By bringing together merchant engagement, customer loyalty and data-driven intelligence, we are building a Payments and Engagement OS that enables banks to create greater value for merchants, consumers and banks.”
The acquisition expands Mintoak beyond merchant payments. The combined business generates over USD 30 million in annual revenue with a profitability margin exceeding 30%.
“Joining Mintoak allows us to integrate their advanced AI and platform capabilities into ICC’s ecosystem, delivering next-generation hyper-personalisation for both our existing and new clients,” said Amit Narang, Co-founder and Chief Executive Officer, ICC Loyalty. “Together, we will help banks deliver more meaningful customer experiences while creating measurable commercial value.”
