MUMBAI, India, August 4, 2026/APO Group/ —
Mintoak (https://www.Mintoak.com/), the payments and engagement OS for acquirers, today announced the acquisition of ICC Loyalty. The acquisition expands Mintoak’s footprint across the Middle East, Africa, Eastern Europe and Asia while strengthening its ability to help banks unlock new revenue opportunities beyond payments.
Headquartered in Dubai, UAE, ICC Loyalty provides loyalty and rewards technology to over 30 leading banks. Its platform enables financial institutions to deliver personalised rewards, targeted campaigns and lifecycle engagement programmes that drive customer retention and transaction frequency. Today, ICC Loyalty serves more than 11 million customers across 10+ countries.
The acquisition marks the next phase of Mintoak’s evolution, expanding its capabilities beyond merchant payments and value-added services to include customer engagement, loyalty and rewards, while enabling banks to serve both acquiring and issuing businesses through a unified platform.
The combined business generates over US$30 million in annual revenue with a profitability margin exceeding 30%, providing a strong financial foundation for continued investment in innovation and global expansion. The platform will enable banks to connect merchants, consumers and payment data, turning payment transactions into stronger customer relationships, higher engagement and recurring revenue.
“This acquisition represents a defining milestone for Mintoak,” said Raman Khanduja, Co-founder and Chief Executive Officer, Mintoak. “Payments have become the foundation of banking relationships. The next phase of growth will come from engagement. By bringing together merchant engagement, customer loyalty and data-driven intelligence, we are building a payments and engagement OS that enables banks to create greater value for merchants, consumers and banks.”
“Joining Mintoak allows us to integrate their advanced AI and platform capabilities into ICC’s ecosystem, delivering next-generation hyper-personalisation for both our existing and new clients,” said Amit Narang, Co-founder and Chief Executive Officer, ICC Loyalty. “Together, we will help banks deliver more meaningful customer experiences while creating measurable commercial value.”
The payments industry is entering a new phase of growth. As payment infrastructure becomes increasingly commoditised, value is shifting towards engagement, intelligence and monetisation. Banks have built strong payment infrastructure, but many are yet to fully tap into the monetisation opportunity presented by increasing customer engagement and driving loyalty.
Following the acquisition, Mintoak now partners with more than 50 banks across 20+ countries, including HDFC Bank, Axis Bank and SBI Payments in India, Emirates Islamic and RAKBANK in the Middle East and Absa Bank in Africa. Backed by investors such as PayPal Ventures, British International Investment, Pravega Ventures, HDFC Bank and Z3Partners, its platform supports over 5 million merchants and 11 million customers while powering more than US$93 billion in annual payment volume. The acquisition expands its capabilities across both acquiring and issuing businesses, further strengthening its position across emerging markets.
Together, Mintoak and ICC Loyalty are building the leading Payments and Engagement OS for banks across emerging markets. As financial institutions increasingly look beyond transaction processing, the combined platform will help them deepen customer relationships, unlock new revenue opportunities and drive long-term growth.
