Mintoak, a SaaS platform, has raised $20 million in a Series A funding round. The funding was led by PayPal Ventures, with participation from British International Investment, HDFC Bank, Pravega Ventures, and other institutional investors like White Whale Venture Fund.
With this funding, Mintoak said that it aims to enhance its technology stack and expand its existing product portfolio. Further, the company said that it is aiming to strengthen its presence in India while also branching out into new markets in the Middle East, Africa, and Southeast Asia.
Mintoak’s SaaS offerings are designed to enable banks and merchant acquirers to engage with their SME customers and drive the cross-selling of financial products. Its technology platform powers omni-channel payments, real-time analytics for business owners, SME commerce enablement solutions, and access to capital.
“Mintoak’s platform is designed to cater to two fundamental realities: Merchants want payments, analytics, commerce enablement solutions and seamless access to capital delivered via a single platform; and Banks can leverage the trust they command to deliver an entire suite of business solutions to their SME customers by partnering with a fintech products company,” said Raman Khanduja, CEO and co-founder, Mintoak.
Mintoak partners with banks to offer advanced solutions and efficient tools to manage and grow small businesses.
“Like PayPal, Mintoak allows banks to offer a user-friendly, intuitive payments and commerce platform for merchants in developing nations through SaaS. We look forward to the next stage of Mintoak’s growth journey.” Ashish Aggarwal, partner, PayPal Ventures.