Mintoak Acquires Middle East-Based Fintech ICC Loyalty

Mintoak, a payments and engagement operating system for acquirers, today announced the acquisition of ICC Loyalty, extending its reach across the Middle East, Africa, Eastern Europe, and Asia whilst helping banks unlock new revenue opportunities beyond payment services. Headquartered in Dubai, UAE, ICC Loyalty serves more than 30 leading banks and 11 million customers across over 10 countries, with clients including Emirates Islamic, Dubai Islamic Bank (DIB), and RAKBANK. The acquisition expands Mintoak’s capabilities beyond merchant payments to encompass customer engagement, loyalty, and reward solutions. The combined entity generates annual revenue of more than US$30 million with profit margins exceeding 30%. “This acquisition marks a significant milestone for Mintoak,” said Raman Khanduja, Co-founder and Chief Executive Officer of Mintoak. “Payments have become the foundation of the relationship between banks and customers. The next phase of growth will be built on customer engagement. By integrating 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 capabilities and platform into the ICC ecosystem, delivering next-generation, deeply personalised experiences for our existing and new clients,” said Amit Narang, Co-founder and Chief Executive Officer of ICC Loyalty. “Together, we will help banks deliver more meaningful customer experiences whilst creating measurable commercial value.” Following the acquisition, Mintoak now partners with more than 50 banks across over 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 PayPal Ventures, British International Investment, Pravega Ventures, HDFC Bank, and Z3Partners, the platform serves over 5 million merchants and 11 million customers, processing annual payment volumes exceeding US$93 billion. Together, Mintoak and ICC Loyalty are building the leading Payments and Engagement OS for banks, helping financial institutions forge closer customer relationships and unlock new revenue streams.