Mintoak secures Rs 80 crore loan from BlackSoil for ICC Loyalty acquisition

BlackSoil extended Rs 80 crore (about $9 million) debt financing to Mumbai‑based fintech Mintoak to fund its acquisition of Dubai‑based loyalty‑technology firm ICC Loyalty. Mintoak, backed by PayPal Ventures, will add ICC Loyalty’s consumer‑facing rewards capabilities to its merchant‑payments platform that already serves banks.

After the deal, Mintoak partners with more than 50 banks in over 20 countries, supporting over 5 million merchants and 11 million customers, processing roughly $93 billion in annual payment volume and generating more than $30 million in revenue with an EBITDA margin above 30 %. BlackSoil, which runs an RBI‑registered NBFC and a SEBI‑registered AIF managing about $275 million in assets across India and Southeast Asia, said the financing addresses an underserved need for growth capital in profitable technology companies. Managing Director Ankur Bansal highlighted Mintoak’s strong banking relationships and financial track record as key reasons for the investment.