Merchant service startup Mintoak has raised $20 million in a series A investment round. The round was led by PayPal ventures and saw participation from British International Investment as well as existing investors Pravega Ventures and HDFC Bank.
As per a statement, other institutional investors like White Whale Venture Fund also invested actively in this round.
The Fintech SaaS platform plans to use the freshly raised capital to increase business production and double down on the existing product offerings. Further, using the fund, the startup will expand into new markets like Southeast Asia, Middle East and Africa.
Established in 2017 by Kabeer Jain, Raman Khanduja, Rohit Ramana and Sanjay Nazareth, Mintoak a SaaS platform for merchant services enables merchant and their banking partners to grow their payments proposition.
Khanduja, CEO and cofounder of Mintoak said, “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.”
So far, Mintoak has designed a cloud native and API first payment platform that allows their banking partners to scale services including lending, payments and more to SME customers rapidly!