Financial technology platform Mintoak purchased Dubai-based loyalty technology firm ICC Loyalty for an undisclosed sum as the company aims to strengthen its presence in the West Asian market.
Based in Dubai, UAE, ICC Loyalty offers loyalty and rewards solutions to more than 30 top banks.
Its platform allows financial institutions to provide tailored rewards, specific campaigns, and lifecycle engagement initiatives that enhance customer retention and increase transaction frequency. Currently, ICC Loyalty caters to over 11 million clients in more than 10 nations.
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The acquisition signifies the next stage of Mintoak's development, broadening its abilities beyond merchant payments and value-added services to encompass customer engagement, loyalty, and rewards, while allowing banks to support both acquiring and issuing entities through a single platform.
The merged company produces more than US$30 million in yearly revenue with a profit margin surpassing 30 percent, offering a robust financial base for ongoing investment in innovation and international growth. The platform allows banks to link merchants, consumers, and payment information, transforming payment transactions into enhanced customer relationships, increased engagement, and recurring income.
"This acquisition represents a defining milestone for Mintoak," says Raman Khanduja, Co-founder and Chief Executive Officer, Mintoak.
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"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," says 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."
The payments sector is entering a new stage of expansion. With payment infrastructure becoming more standardised, value is transitioning towards engagement, intelligence, and monetisation. Banks have established robust payment systems, but many have not fully leveraged the monetisation potential offered by enhancing customer engagement and fostering loyalty.
After the acquisition, Mintoak collaborates with over 50 banks in more than 20 countries, such as HDFC Bank, Axis Bank, and SBI Payments in India, Emirates Islamic and RAKBANK in the Middle East, and Absa Bank in Africa.
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Supported by investors like PayPal Ventures, British International Investment, Pravega Ventures, HDFC Bank, and Z3Partners, its platform serves over 5 million merchants and 11 million customers, facilitating an annual payment volume exceeding US$93 billion. The acquisition enhances its abilities in both acquiring and issuing sectors, further solidifying its presence in emerging markets.
Mintoak and ICC Loyalty are collaborating to create the premier Payments and Engagement operating system for banks in emerging markets. As financial organizations shift their focus from just transaction processing, the integrated platform will support them in enhancing customer relationships, discovering new revenue streams, and fostering sustainable growth.