Mintoak acquires ICC Loyalty to expand banking platform

By Milan Rojan

Indian FinTech Mintoak has acquired Dubai-headquartered ICC Loyalty, expanding its presence across the Middle East, Africa, Eastern Europe and Asia while strengthening its banking technology platform with customer engagement and loyalty capabilities.

The acquisition has broadened Mintoak’s offering beyond merchant payments and value-added services, enabling banks to manage both acquiring and issuing businesses through a unified payments and engagement platform.

Raman Khanduja, Co-founder and Chief Executive Officer of Mintoak, said: “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.”

ICC Loyalty has provided loyalty and rewards technology to more than 30 banks across over 10 countries. Its platform has served more than 11 million customers by enabling financial institutions to deliver personalised rewards, targeted campaigns and lifecycle engagement programmes designed to improve customer retention and transaction frequency.

The combined business has generated more than $30 million in annual revenue and has achieved a profitability margin of over 30%, providing a financial base for further investment in product innovation and international expansion.

Amit Narang, Co-founder and Chief Executive Officer of ICC Loyalty, said the transaction has allowed the company to integrate Mintoak’s AI capabilities with its loyalty platform to deliver more personalised customer experiences for banks.

Following the acquisition, Mintoak has partnered with more than 50 banks across over 20 countries and has supported more than five million merchants and 11 million customers. The company has processed over $93 billion in annual payment volume and said the acquisition has strengthened its position in emerging markets by expanding its capabilities across payments, loyalty and customer engagement.