BlackSoil has extended Rs 80 crore to Mintoak to help fund its acquisition of Dubai based loyalty firm ICC Loyalty.

The deal itself was announced earlier this week. Mintoak, a merchant payments software company backed by PayPal Ventures, acquired ICC Loyalty to add rewards and loyalty capabilities to its existing platform, which mainly helps banks manage payments and merchant services.

ICC Loyalty brings something different to the table. It works on the consumer side, helping banks run credit card reward programmes, manage redemptions, and analyse customer spending.

Mintoak, on the other hand, focuses on the merchant side, letting banks accept payments and cross sell financial products. Together, the two businesses now cover both ends of the banking relationship.

The scale is notable too. Following the acquisition, Mintoak now works with more than 50 banks across over 20 countries, including HDFC Bank, Axis Bank, SBI Payments, Emirates Islamic and Absa Bank.

The combined platform supports over 5 million merchants and 11 million customers, and processes more than $93 billion in annual payment volume.

Together, the businesses generate over $30 million in annual revenue with a profit margin above 30%.

BlackSoil’s managing director Ankur Bansal said acquisition financing for profitable technology companies remains an underserved space in India, and that Mintoak’s banking relationships and financial track record made it a strong fit for this investment.

Mintoak’s co-founder and CFO Rohit Ramana said the funding would help the company scale its platform further and grow its presence in key overseas markets.

BlackSoil itself has been active in this space since 2016. The firm runs an RBI registered NBFC and a SEBI registered AIF, and currently manages assets worth around $275 million across India and Southeast Asia.

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