What MintOak Innovations does

Mintoak Innovations Private Limited (operating as Mintoak) is a Mumbai-headquartered merchant SaaS company founded in 2017 that builds a white-labeled, cloud-native, API-first platform for banks and merchant acquirers to onboard, serve, and monetise their SME merchant portfolios. Its core stack comprises Mintoak DigiOnboard (digital merchant onboarding with KYC/KYB/AML, credit risk assessment, and pre-built RegTech integrations), Mintoak SmartPayments (unified multi-mode payment acceptance across UPI, QR, cards, Soundbox, POS, Tap on Phone, and Link Pay), and Mintoak SoundHub (an MQTT-based messaging layer for low-latency Soundbox device management). The March 2025 acquisition of Digiledge added NPCI-certified Bharat Connect bill payments (COU/BOU/AI rails), Central Bank Digital Currency (CBDC/e-rupee) acceptance, and B2B payments modules. An AI-powered value-added-services layer — including Mintoak Engage360 (merchant lifecycle management with churn prediction and a generative-AI content assistant), Mintoak SellSmart (cross-sell engine surfacing pre-approved loans, credit cards, insurance, and fixed deposits), Mintoak StaffAccess (role-based multi-outlet access), Mintoak Business360 (analytics), Mintoak CreditLedger, and modules such as CustomerInsight, DIYOffers, MarketingHub, StoreScore, and AppMarketplace — rounds out the offering.

The business model is enterprise SaaS, deployed under the bank's own brand via multi-year, quote-based contracts with no publicly disclosed pricing; revenue is generated through white-label platform subscriptions, transaction-aligned usage monetisation across 5.1 million+ merchants, $73 billion+ annualised GMV, and 4.8 billion+ annualised transactions, and value-added-services revenue share on cross-sold financial products. Mintoak sells primarily through high-touch direct enterprise sales augmented by channel partnerships — most notably Visa (announced June 2026 for Asia Pacific acquirers) and Mastercard Start Path. The company serves 10 disclosed bank and acquirer customers including HDFC Bank, State Bank of India, Axis Bank, YES Bank, Karnataka Bank, Absa Bank, Burgan Bank, Ahli United Bank, Network International, and NMB Bank across 17 countries in South Asia, Africa, and the Middle East.

The company has raised approximately $52M in disclosed funding, including a $20M Series A led by PayPal Ventures (February 2023), a $3.7M strategic minority investment from HDFC Bank (December 2022), an $8.3M round led by Z3Partners (January 2025), and a $2M round led by Pravega Ventures (2020). Mintoak is privately held and remains an independent operating company with no parent; all five co-founders (Raman Khanduja as CEO, Rama Tadepalli as CPO, Sanjay Nazareth as COO, Kabeer Jain as CTO, and Rohit Ramana as CFO) continue in leadership. The company is ISO 27001 and PCI DSS certified, and recognised on CB Insights Fintech 100 (2024), the Visa 2024 award, and as an APAC Finalist (2024).

Name

MintOak Innovations

Legal name

Mintoak Innovations Private Limited

Website

http://mintoak.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

101–250 employees

Short description

Mintoak Innovations is a Mumbai-headquartered, white-labeled merchant SaaS platform founded in 2017 that enables banks and merchant acquirers across 17 countries to digitally onboard, accept payments, and cross-sell financial products to their SME merchant portfolios.

Ownership category

akta.pro rank

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. White-labeled merchant SaaS platform subscription: Recurring SaaS revenue from banks and merchant acquirers licensing Mintoak's platform (DigiOnboard, SmartPayments, SoundHub, Engage360, SellSmart, StaffAccess, CBDC, Bill Payments) under their own brand. Multi-module adoption drives land-and-expand; products are deployed as a unified platform.
2. Transaction-aligned / usage-based monetization: Monetization tied to merchant payment activity on the platform — SmartPayments consolidates UPI/QR/Card/Soundbox/POS flows; given the zero-MDR UPI P2M reality, value-added services (engagement, cross-sell, staff access) drive recurring revenue per active merchant rather than per-transaction fees.
3. Value-added services & cross-sell revenue share: Through SellSmart, the platform enables banks to cross-sell loans, credit cards, insurance, fixed deposits, and overdrafts to merchants based on transaction data; revenue is generated via the underlying financial products' fee income routed through the bank's portfolio.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels7 records

Core offering

MintOak Innovations (operating as Mintoak) sells a cloud-native, API-first, white-labeled merchant SaaS platform to banks and merchant acquirers. The platform combines digital merchant onboarding (KYC/KYB/AML, instant MID/TID, RegTech integrations), multi-mode payment acceptance (UPI, QR, Cards, Soundbox, POS, Tap on Phone, Link Pay, E-commerce), MQTT-based Soundbox messaging, NPCI Bharat Connect bill payments, CBDC/e-rupee acceptance, and an AI-powered merchant lifecycle management, engagement, and cross-sell layer, deployable in 8-16 weeks under the bank's own brand.

Product overview

MintOak Innovations (operating as Mintoak) is a Mumbai-based merchant SaaS fintech offering a unified, cloud-native, API-led platform-plus-modules architecture for banks, acquirers, and merchants. Founded in 2017 and serving 5.1 million+ merchants across 19,000+ pin codes with $73 billion+ in annualised GMV and 4.8 billion+ annualised transactions, the platform centres on a core onboarding and payments stack — Mintoak DigiOnboard (digital merchant onboarding with KYC/KYB/AML and credit risk assessment), Mintoak SmartPayments (multi-mode payment acceptance across UPI, QR, Soundbox, POS, and cards), and Mintoak SoundHub (MQTT Soundbox messaging) — and extends into a value-added services and engagement layer including Mintoak Business360 (analytics), Mintoak StaffAccess (role-based staff access), Mintoak CreditLedger (credit management), Mintoak Engage360 (AI-powered merchant lifecycle management), and Mintoak SellSmart (cross-sell engine). The Digiledge suite of CBDC, Bill Payments, and B2B Payments products (acquired in March 2025) extends the offering into digital currency and Bharat Connect rails, while additional VAS modules — CustomerInsight, DIYOffers, MarketingHub, StoreScore, and AppMarketplace — round out the engagement stack. Together, the core platform and these add-on modules enable merchant acquirers to onboard merchants, accept payments across all modes, drive engagement, retain merchants, cross-sell financial products, and run compliance workflows on a single white-labeled infrastructure.

Differentiator

Problem solved

Functional benefit

Brands

• Mintoak DigiOnboard: Digital merchant onboarding product for banks and acquirers, covering ETB and NTB merchant onboarding, KYC/KYB, automated merchant risk assessment, and instant MID/TID generation.
• Mintoak SmartPayments
• Mintoak SoundHub
• Mintoak Business360
• Mintoak StaffAccess
• Mintoak Engage360
• Mintoak SellSmart
• Mintoak CreditLedger
• Digiledge
• Atmanirbhar Dukandar

Products and services

• Mintoak DigiOnboard Digital merchant onboarding platform for banks and acquirers that automates KYC/KYB/AML screening and credit risk assessment, with pre-built RegTech integrations (BUREAU, GSTN, FACTA, FACTIVA) and instant Merchant ID (MID) and Terminal ID (TID) generation.
• Mintoak SmartPayments Unified multi-mode merchant payment acceptance module that consolidates UPI, Cards, Link Pay, QR Code, Tap on Phone, Scan & Pay, E-commerce, and Soundbox into a single white-labeled merchant companion app with real-time reconciliation across app, POS, and Soundbox.
• Mintoak SoundHub MQTT-based low-latency Soundbox messaging service that supports multi-partner Soundbox deployment, instant activation, real-time transaction callbacks, multi-language voice notifications, and remote diagnostics for merchant acquirers.
• Mintoak Engage360 AI-powered merchant lifecycle management and engagement platform for acquiring banks, with dynamic behavioural segmentation, omnichannel campaign orchestration (push, SMS, WhatsApp, email, in-app), an AI content assistant for campaign copy, churn-risk prediction, and milestone-driven activation campaigns.
• Mintoak SellSmart Merchant cross-sell engine that combines real-time transaction data with rule-based and ML propensity models to surface pre-approved loans, business credit cards, overdrafts, insurance, and fixed deposits contextually inside the merchant payments app.
• Mintoak StaffAccess Role-based staff access and delegation module for multi-outlet merchants, supporting cashier, store manager, area manager, and owner tiers with outlet-level data segmentation and audit trails for compliance.
• Mintoak CreditLedger Credit management module that enables merchant acquirers to empower SMEs with seamless credit management, from capturing customer details to maintaining credit history and payment reminders.
• Mintoak Business360 Real-time performance dashboard offering multi-outlet insights and transaction and settlement reports for merchants on the Mintoak platform.
• Digiledge CBDC Central Bank Digital Currency (CBDC / e-rupee) acceptance solution that enables financial institutions to seamlessly enable CBDC acceptance across payment touchpoints for their merchant clients.
• Digiledge Bill Payments Bharat Connect bill pay solution with embedded NPCI-certified rails for COU (Centralized Online Utility), BOU (Bharat Online Utility), and AI (Bharat Bill Payment Interface), enabling banks to offer seamless, compliant utility payments to merchants.
• Digiledge B2B Payments Bharat Connect platform that streamlines B2B invoicing, vendor payments, and collections with instant onboarding, real-time tracking, and seamless integration for merchants and banking partners.

Quantifiable outcome

• 5.1 Million+ merchants onboarded across 19,000+ pin codes (India) and 17 countries
• +5 more outcomes

Named customers10 records

Segments3 records

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

AI capability7 records

Feature7 records

Partnerships

Three partnerships are on record, tiered flagship / core strategic partnership, major acquisition — strategic platform addition and minor — startup engagement program alumnus.

• Visaflagship / core strategic partnershipStrategic or Co-development Partner · 22 June 2026Visa and Mintoak announced a partnership (announced 17–22 June 2026) to bring merchant SaaS capabilities to acquirers across Asia Pacific. The collaboration combines Mintoak's cloud-native, API-led platform with Visa's payments network, data, and advisory capabilities to enable banks and financial institutions to deliver digital-first merchant experiences with value-added services such as reporting, merchant engagement tools, and integrated banking solutions. The partnership is designed to unlock new revenue streams, accelerate merchant activation, and expand card and digital acceptance among underpenetrated SMBs.
• Digiledgemajor acquisition — strategic platform additionStrategic or Co-development Partner · 4 March 2025Mintoak acquired Digiledge in March 2025 in a deal estimated at around $3.5 million, described as India's first e-rupee related acquisition. Digiledge specialises in Central Bank Digital Currency (CBDC) and Bharat Connect bill-payments services. The acquisition expanded Mintoak's ability to provide CBDC-related payment solutions to partner banks including HDFC Bank, Axis Bank, and SBI.
• Mastercard (Mastercard Start Path)minor — startup engagement program alumnusStrategic or Co-development Partner · 1 January 2024Mastercard Start Path engagement badge is displayed on the Mintoak website footer across pages, indicating Mintoak's participation in Mastercard's startup engagement program focused on fintechs building commerce and payment solutions.

Scale indicators12 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Razorpay: Indian payment gateway and merchant services platform providing payment acceptance, banking, and financial services to businesses. Razorpay offers multi-mode payment acceptance and merchant services similar to Mintoak's SmartPayments product, targeting similar enterprise and SME merchants.
• Pine Labs: Merchant commerce and payments platform serving large enterprise retailers with POS, payment processing, and merchant lending services. Pine Labs operates in the merchant SaaS and acquiring space serving banks and large merchants across South Asia.
• Juspay: Payment infrastructure and orchestration platform serving banks, merchants, and fintechs with payment processing technology. Juspay provides white-label payment solutions to banks and merchants, directly competing with Mintoak's payment acceptance and merchant onboarding capabilities.
• PhonePe: Leading Indian digital payments platform operating as a payment aggregator. While primarily consumer-facing, PhonePe competes in the broader merchant payments and merchant services ecosystem in India, serving similar merchant acquirers and merchants that Mintoak's bank clients serve.
• BharatPe: Indian merchant payment and lending platform serving small merchants with QR-based payments and merchant lending. BharatPe competes in the merchant acquiring space and offers cross-sell financial products to merchants, overlapping with Mintoak's merchant engagement and cross-sell value proposition.
• Paytm (One97 Communications): Indian fintech and payments company offering payment gateway, merchant services, and digital banking services. Paytm competes with Mintoak's bank clients by offering direct merchant acquiring and payment aggregation services, while also providing merchant SaaS tools.

Emerging players

• Marqeta: Modern card issuing and payment processing platform providing API-first infrastructure for fintechs and banks. While primarily focused on card issuing rather than merchant acquiring, Marqeta represents the type of cloud-native, API-first financial infrastructure player that competes for the same B2B SaaS budgets at banks and acquirers.

Broad incumbents

• Mastercard (Finicity): Global payment technology company providing merchant services, payment processing, and open banking solutions. Mastercard's Start Path engagement program has included Mintoak, and Mastercard competes broadly in the merchant services and merchant SaaS space.
• FIS (Fidelity National Information Services): Global financial technology provider serving banks, merchants, and capital markets with merchant acquiring, payment processing, and banking software. FIS provides merchant SaaS solutions to banks and acquirers, competing in the broader merchant services space.
• Visa (Cybersource): Global payment technology company and Mintoak's strategic partner. Visa's Cybersource division provides merchant acquiring, fraud management, and payment orchestration services to acquirers globally, offering a broader portfolio of services compared to Mintoak's focused merchant SaaS offering.

Market position

Strengths1 record

Weaknesses1 record

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@mintoak4643
• LinkedInlinkedin.com/company/mintoak-innovations-private-limited
• Instagraminstagram.com/mintoakindia
• Xx.com/MintoakIndia
• Facebookfacebook.com/MintoakIndia

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries1 record

Funding overview

Funding rounds5 records

Investors7 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MintOak Innovations