Mintoak, an India-based SaaS platform aimed at merchant services, has scored $20m in its Series A funding round.
PayPal Ventures led the investment, with commitments also coming from British International Investment, White Whale Venture Fund and existing investors HDFC Bank and Pravega Ventures.
Funds from the round will be used to enhance Mintoak’s technology and bolster its existing product portfolio. The FinTech company also plans to bolster its presence in India and expand into West Asia, Africa and Southeast Asia.
Mintoak offers a SaaS platform that helps banks and merchant acquirers connect with small and medium enterprise customers and drive higher cross-sell of financial products. Its platform powers omnichannel payments, real-time analytics for business owners, SME commerce enablement solutions and access to capital.
It currently supports over 1.5 million merchants, including banks in India as well as those in Africa and the Middle East.
Mintoak CEO and co-founder Raman Khanduja said, “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.”
India saw a dip in deal activity during 2022 due to a weak Q4, according to data from FinTech Global. Across the year there were a total of 374 FinTech deals, which was 18% lower than 2021.
In conjunction with the lower volume of deal activity, the country saw less capital raised by companies. In 2022 a total of $6bn was raised through fundraises, which is 37% lower than 2021.
Finally, the final quarter of 2022 saw 74 FinTech deals completed, which was a 36% drop from Q1.
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