Mumbai-based embedded finance startup Mintoak has raised $20 million in a Series A funding round led by PayPal Ventures, with participation from British International Investment, White Whale Venture Fund and existing investors HDFC Bank and Pravega Ventures.
The startup intends to use raised capital towards developing its technology stack, product development, hiring and geographical expansion in West Asia, Africa and Southeast Asia.
Mintoak was founded in 2017 by Raman Khanduja, Rama Tadepalli, and Sanjay Nazareth. The startup provides a payments-led platform offering value-added services to merchants for engaging with their customers.
It offers PoS (point of sale) machines to enable merchants to accept all modes of digital payments, including cards and UPI and Minotak 360, which provides merchants with real-time dashboards and payment reports.
“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.
Mintoak claims to serve 1.5 million merchants through its partner banks i.e. HDFC Bank, State Bank of India and Yes Bank and international banks such as Absa in Africa.
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