9th January 2025 – Mintoak, a merchant SaaS platform catering to banks and merchant acquirers, has successfully closed a secondary funding round of INR 71 Crores. As part of this transaction, Z3Partners, a leading early-growth technology investor with extensive operational expertise, is acquiring a minority stake from some of Mintoak’s initial institutional investors. This move by Z3Partners and existing investors underscores their continued confidence in Mintoak’s vision of empowering acquirers to strengthen their merchant ecosystems.
“At Mintoak, delivering value to our clients, employees, and investors is at the heart of everything we do. This fundraiser is a good validation of the value we’ve delivered to some of our early backers,” said Raman Khanduja, CEO and Co-founder of Mintoak. “We’re excited to welcome Z3Partners to our journey and look forward to leveraging their expertise as we scale to new heights.”
Gautam Patel, Founder and Managing Partner at Z3Partners, shared his enthusiasm: “Mintoak’s remarkable product-led growth and innovation are redefining how Banks and SMEs collaborate, demonstrating trust and transaction scale. Their leadership team has world-class capability in working with Banks and Merchants globally with their prior experience at leading financial institutions. We’re thrilled to support their global ambition and transformative efforts in the merchant-acquirer ecosystem. Z3Partners is proud to contribute to their continued success.”
Mintoak’s advanced platform drives SME engagement for acquirers, empowering over 3 million merchants across six countries. It enables $50 billion+ in annual GMV and processes over $3 billion in transactions annually. Its modular, API-first infrastructure seamlessly integrates with banks and merchant acquirers, delivering unparalleled agility and scalability. Mintoak’s esteemed clients include marquee banks such as HDFC Bank, State Bank of India, Axis Bank and YES Bank in India, alongside global powerhouses like Absa Bank, Network International, Burgan Bank, Ahli United Bank, and NMB Bank.