Mintoak buys UAE's ICC Loyalty to build payments OS for banks
What's the deal? Mumbai-based fintech startup Mintoak has acquired Dubai-headquartered ICC LoyaltyDealroom has a profile for this one. Try Dealroom →, a loyalty and rewards tech company, to expand beyond merchant payments into customer engagement and data monetisation. Terms were not disclosed, but CEO Raman Khanduja said the deal was funded mainly through Mintoak's balance sheet, with a small debt component.
What each side brings: Mintoak gives banks a platform to offer payments, business tools, and financial products to SME merchants. It works with over 50 banks across 20 countries, supports more than 5 million merchants, and processes over $93 billion in annual payment volume, with clients including HDFC BankDealroom has a profile for this one. Try Dealroom →, Axis BankDealroom has a profile for this one. Try Dealroom →, and Emirates IslamicDealroom has a profile for this one. Try Dealroom →.
ICC Loyalty provides rewards infrastructure to more than 30 banks across 10 countries, serving over 11 million banking customers. It reported $16 million in revenue and $4 million in net profit in 2026, with clients including Abu Dhabi Islamic BankDealroom has a profile for this one. Try Dealroom →, Dubai Islamic BankDealroom has a profile for this one. Try Dealroom →, and RAKBANKDealroom has a profile for this one. Try Dealroom →.
Why this target? Mintoak evaluated nearly 50 acquisition opportunities before choosing ICC, citing its profitability, clientele, and complementary position on the consumer side of payments. ICC will operate as a wholly-owned subsidiary and retain its existing team.
What's the endgame? Mintoak wants to turn merchant payments, consumer loyalty, and AI-driven data intelligence into one platform for banks. It plans to cross-sell its merchant tools to ICC's clients while offering ICC's rewards stack to its own banking partners, supporting the international business that already brings about half its revenue.
Mintoak can analyse merchant payment data to help banks cross-sell products. Adding ICC's consumer data from loyalty programmes and spending behaviour lets it build offerings that combine both sides — personalised offers, merchant benchmarking, and targeted campaigns.
Mintoak reported operating revenue of US$14.3M in FY25 and, per Khanduja, tripled revenue in FY26, though it has yet to disclose its profit-and-loss statement for that year.
The signal: The deal reflects growing interest among fintechs in commercialising payment data as processing itself becomes a low-margin commodity. "Payments processing has become commoditised. The future lies in engagement, intelligence and monetisation," Khanduja said.
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