Mintoak acquires Dubai-based ICC Loyalty, adding 30+ banks and 11M customers. Combined revenue tops $30M with 30%+ margins. Banks gain a unified payments and engagement platform.
MUMBAI, India – Mintoak, the payments and engagement software company for acquirers, said Tuesday it has acquired ICC Loyalty, a Dubai-based loyalty technology firm. The deal expands Mintoak's reach across the Middle East, Africa, Eastern Europe and Asia, and moves it beyond merchant payments into customer engagement and rewards.
ICC Loyalty counts Emirates Islamic, Dubai Islamic Bank and RAKBANK among its clients, serving over 30 banks and 11 million customers across more than 10 countries. The combined entity generates over US$30 million in annual revenue with a profitability margin above 30%.
"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."
"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."
Following the acquisition, Mintoak partners with over 50 banks across 20+ countries, including HDFC Bank, Axis Bank and SBI Payments in India, Emirates Islamic and RAKBANK in the Middle East, and Absa Bank in Africa. The company is backed by PayPal Ventures, British International Investment, Pravega Ventures, HDFC Bank and Z3Partners. Its platform supports over 5 million merchants and 11 million customers, powering more than US$93 billion in annual payment volume.
The combined business now offers a single platform for banks to manage both payment transactions and customer loyalty programmes, a shift that reflects how financial institutions are seeking recurring revenue beyond traditional fee income. For HDFC Bank, already a Mintoak partner and investor, the expanded platform could deepen its merchant engagement tools.
The acquisition is part of a broader trend in fintech where payments companies are layering loyalty and data analytics onto their core offerings. Mintoak's move follows similar consolidation in the space, as banks look to differentiate on customer experience rather than price alone.
Mintoak was founded with a focus on enabling banks to turn payment data into actionable engagement. ICC Loyalty brings expertise in rewards programmes, a capability that Mintoak plans to integrate across its existing bank partnerships.
The companies did not disclose the financial terms of the deal.
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