The Weekly Wrap: all you need to know by Friday COB | Dec 16th

By Puja Sharma

The Weekly Wrap is published every Friday and recaps the week’s main stories and deals, as well as upcoming events and announcements. For Prime subscribers only.

The Big Story

In a regulatory filing on Wednesday, HDFC Bank said it acquired a 7.75% stake in FinTech start-up Mintoak for Rs 31 crore. According to the details, HDFC Bank signed an agreement on December 13, 2022, following which it will purchase 21,471 fully paid-up Compulsory Convertible Preference Shares (CCPS) of Rs 20 each at an extra premium of Rs 9,711. There will be a total consideration of Rs 9,731 per CCPS.

It was also stated in the regulatory filing that the private bank would purchase 10,538 fully paid-up equity shares of Mintoak for Rs 9,731 per share from existing shareholders.

The Mintoak platform connects merchants with their customers through a payment-led platform with many value-added services. By offering digital services to acquirers, the firm enhances their relationship with merchants. Mintoak’s turnover (operating income) for the year ended March 31, 2022, was Rs. 11.28 crore, while its profit after tax was Rs. 1.47 crore, according to disclosures to the Securities and Exchange Board of India (Sebi). Mintoak was incorporated in 2017.

A deal to acquire the company is likely to be completed by January 31, 2023, depending on the conditions precedent. Since the bank’s stake after the transaction will be less than 10%, it will not require approval from the regulator (Sebi). Using the digital payment platform, the bank said it invested in a growing fintech startup that offers merchants payment and value-added services.

Deals of the week

• Carputty announces $12.3m Series A funding to modernise auto financing
• Visa pledges to invest $1b in Africa to accelerate digital transformation
• Sequoir announces integration with Jack Henry’s digital banking platform
• The Bank of London joins Bacs payment network
• Nauggets app launches in Australia in partnership with Azupay
• Speedinvest raises €500m fund to support tech start-ups
• Temenos and NdcTech partner to expand market reach in 7 Middle Eastern countries
• JP Morgan launches Visa real-time Account Updater in Europe
• Bpifrance selects Thought Machine to power finance offerings to SMEs
• Plooto raises $20m in Series B funding
• B2B InsurTech Bondaval raises $15m Series A

Be on the lookout for

The FinTech world is getting ready for the next iFX EXPO Dubai edition that will take place 16-18 January 2023 at Dubai World Trade Centre. With booths and sponsorships booked in a record time, this show is expected to be the largest iFX EXPO event ever held in the MENA region. iFX EXPO Dubai 2023 will host 40% more exhibitors than the previous Dubai edition and will welcome around 3500 attendees from all over the world.

During more than 10 years of its illustrious history, iFX EXPO has brought together more than 2000 exhibitors and over 50,000 attendees from across the globe. The show has gained remarkable traction as an indisputable event benchmark for business networking and collaboration, distinguishing itself as a must-attend expo for industry players seeking growth opportunities in the financial and FinTech space and willing to keep abreast of the most ambitious developments spearheading the future of FinTech.