Mintpay
Mintpay is Sri Lanka's first Buy Now Pay Later platform, founded in 2020, serving 500,000+ consumers and 2,500+ merchants with Pay Now cashback, Pay Later instalments, and a unified Mint Coins loyalty program across in-store and online payments.
- Company typePrivate
- Founded2020
- HeadquartersColombo, Sri Lanka
- Headcount11–50
- GTM typeB2C
- OfferingSoftware
What Mintpay does
Mintpay is Sri Lanka's first Buy Now Pay Later (BNPL) platform, founded in 2020 and headquartered in Colombo. The company operates a mobile-first digital payment ecosystem serving 500,000+ consumers and 2,500+ merchant partners across retail, fashion, dining, hospitality, and travel. Its core consumer products are Pay Now (upfront payment with up to 10% cashback as Mint Coins), Pay Later (three interest-free instalments over two months), and Mintpay Vouchers. A unified Mint Coins loyalty currency, launched in 2025, ties all transaction types together and is redeemable across the merchant network. On the B2B side, a Corporate Gifting Solution enables organizations to issue branded digital vouchers and has acquired 50+ corporate customers within six months of launch.
The platform is built on AI-driven credit decisioning developed in partnership with Algoredge using big data and machine learning for credit risk assessment and fraud prevention. A proprietary Split Limit System dynamically adjusts Pay Later limits based on repayment behavior and order values. The technology stack integrates with five major e-commerce platforms (WooCommerce, Shopify, OpenCart, Magento, PrestaShop) for online checkout, supports in-store QR-code payments at 2,500+ physical locations, and includes a dedicated merchant portal (merchant.mintpay.lk) for onboarding, reconciliation, and weekly payouts.
Revenue is generated primarily through merchant transaction fees on BNPL purchases, late payment fees (an escalating Rs. 500/300/300 schedule at due date, 7 days past, and 14 days past), the spread between merchant cashback rates and standard interchange, and corporate voucher sales. The company monetizes via a transaction-based take rate with no disclosed subscription or onboarding fees. Distribution is product-led through iOS/Android app downloads, the mintpay.lk website, merchant-integrated checkout, in-store QR codes, and bank-channel partnerships (notably with DFCC Bank and Seylan Bank). Strategic partners include Softlogic Retail, Domino's Pizza Sri Lanka, Cinnamon Hotels, FitsAir, ODEL, and Burger King. The company won Venture Engine 2022 and closed LKR 51.5 million (~US$225,000) in seed funding in February 2022 from nine investors including Seylan Bank.
Mintpay firmographics
Firmographics- Name
- Mintpay
- Legal name
- Mintpay
- Website
- https://mintpay.lk
- Company type
- Private
- Founded year
- 2020
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Mintpay is Sri Lanka's first Buy Now Pay Later platform, founded in 2020, serving 500,000+ consumers and 2,500+ merchants with Pay Now cashback, Pay Later instalments, and a unified Mint Coins loyalty program across in-store and online payments.
- Ownership category
- akta.pro rank
Mintpay industry classification
Industry- Product category
- Buy Now Pay Later
- NAICS
- Credit Card Issuing (52221)
- SIC
- Personal Credit Institutions (6141)
- akta.pro primary industry
- BNPL Consumer Apps & Wallets (Discovery, Management) (FSAGAIAG)
- akta.pro secondary industry
- Buy Now, Pay Later (BNPL) Platforms (BPAMAFAG)
Keywords
Where Mintpay is headquartered
LocationHeadquarters
- HQ city
- Colombo
- HQ country
- Sri Lanka
- HQ region
- Asia
Offices1 record
Markets served
Mintpay business model
Business model- GTM type
- B2C
- Offering type
- Software
- Cost components
- Technology or R&D, Marketing or Sales, Operations, Personnel, Infrastructure
Revenue model
- Transaction Fees from Merchants: Mintpay charges merchants a fee for processing BNPL transactions. The company pays merchants weekly in full and upfront while absorbing the instalment risk and managing customer collections. This is the primary revenue stream.
- Late Payment Fees: Fees charged to customers who miss instalment due dates: Rs. 500 initial fee on due date, Rs. 300 additional fee at 7 days past due, Rs. 300 final fee at 14 days past due. These fees apply only when payments are not completed by the stipulated date.
- Cashback/Interchange Revenue: Revenue generated from the spread between merchant cashback rates (up to 10%) and standard interchange fees on card transactions. The company earns on the differential when customers use Pay Now with cashback or Pay Later instalment options.
- Corporate Voucher Sales: Revenue from selling digital vouchers to businesses for employee rewards and corporate gifting. Companies purchase vouchers in bulk through the business portal with no onboarding fees or subscriptions - pay only for vouchers issued.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Pay Now - Instant Cashback |
| Transaction based/ take rate | Pay-as-you-go | Pay Later - 3 Interest-Free Instalments |
| Transaction based/ take rate | Pay-as-you-go | Mint Coins Rewards |
| Transaction based/ take rate | Pay-as-you-go | Late Payment Fees |
| Unit Pricing | Pay-as-you-go | Corporate Vouchers |
Go-to-market motion3 records
Distribution channels6 records
Marketing channels10 records
Mintpay product offering
Product offeringCore offering
Mintpay is a Sri Lankan Buy Now Pay Later (BNPL) and mobile payments platform offering consumers interest-free instalment payments (three monthly instalments) and cashback rewards at partner merchants, unified through a Mint Coins loyalty currency. It serves consumers via a mobile app for online and in-store payments, and serves merchants through checkout plugins and a merchant portal. The platform also distributes digital gift vouchers and corporate voucher solutions for business gifting.
Product overview
Mintpay is Sri Lanka's first Buy Now, Pay Later platform launched in 2020, evolved into a complete digital payment ecosystem. The core offering comprises Pay Now (upfront payment with up to 10% cashback) and Pay Later (3 interest-free instalments), unified by Mint Coins, a rewards currency earned on all transactions. Add-on modules include Mintpay Vouchers (digital gift vouchers) and Corporate Vouchers (branded employee reward solutions) both redeemable across 2,500+ partner merchants. A Merchant Portal serves business partners.
Differentiator
Problem solved
Functional benefit
Quantifiable outcome
- 30% increase in average order value for merchants
- +6 more outcomes
Companies that use Mintpay
Customer profileNamed customers21 records
Segments4 records
Ideal customer profiles3 records
Mintpay technology and API
TechnologyAPI detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration5 records
Feature5 records
Mintpay partnerships and signals
Strategic signalPartnerships
Eight partnerships are on record, tiered core.
- Domino's Pizza Sri LankacoreDomino's Pizza Sri Lanka partnered with Mintpay to deliver a rewarding and flexible dining experience. Mintpay is now accepted across all Domino's outlets islandwide, with customers earning up to 3% cashback on every purchase.
- FitsAircoreMintpay partnered with FitsAir, Sri Lanka's first privately owned international airline, to offer flexible payment options for air tickets including interest-free installments and cashback incentives. Collaboration aims to enhance customer experience and drive higher conversion rates.
- DFCC BankcoreStrategic alliance extending BNPL and Pay Now services to DFCC Bank debit cardholders, a feature not commonly found in the market. The partnership integrates DFCC Bank's Internet Payment Gateway with Mintpay to revolutionize financial flexibility for debit cardholders.
- Softlogic RetailcoreParadigm-changing strategic partnership with Softlogic Retail, a fully owned subsidiary of Softlogic Holdings PLC that has transformed the retail ecosystem in Sri Lanka. Major retail brands under Softlogic now accept Mintpay.
- Cinnamon Hotels & ResortscoreStrategic partnership with Sri Lanka's leading hospitality chain to transform travel payment solutions. Cinnamon Hotels & Resorts now offers Mintpay as a payment option for bookings.
- Burger King (Softlogic Restaurants)coreLandmark partnership with Softlogic Restaurants enabling Mintpay at Burger King and other brands including Popeyes Louisiana Kitchen, Crystal Jade, Delifrance, and Baskin Robbins.
- ODELcoreODEL expanded partnership with Mintpay to elevate in-store shopping experience, introducing greater flexibility and rewards both in-store and online at Sri Lanka's leading fashion and lifestyle retailer.
- AlgoredgecoreAlgoredge, founded in 2019, developed the AI-driven BNPL platform technology using big data and machine learning for credit decisions. This laid the foundation for Mintpay's intelligent risk assessment and fraud prevention capabilities.
Scale indicators10 records
Recent moves6 records
Expansion highlights6 records
Mintpay competitors and assessment
Company assessmentDirect peers
- Kredivo: Indonesia-headquartered BNPL and digital credit platform serving underbanked consumers across Southeast Asia. Closest comparable in product (BNPL + cash loans via app), business model (merchant fees + late fees), and target segment (first-time-credit consumers in an emerging market).
- Atome: Singapore-based BNPL platform operating across Southeast Asia offering interest-free instalments at merchant checkout. Directly comparable in product (3-instalment BNPL), merchant-network model, and emerging-market focus.
- Tabby: MENA-focused BNPL platform offering interest-free instalments and merchant checkout integrations. Comparable BNPL mechanics, merchant acquisition model, and category expansion into travel and fashion.
- Spotii: MENA BNPL platform offering four-instalment payment plans with merchant integrations and a loyalty/rewards layer. Closely comparable in product mechanics and emerging-market positioning.
- Cashee: UAE-based BNPL and consumer finance app targeting young, underbanked users with instalment payments and merchant rewards. Comparable in first-time-credit user focus, mobile-first app experience, and rewards-currency mechanic.
- LazyPay: India-based BNPL and credit platform offering pay-later, pay-in-3, and merchant checkout integrations. Comparable in emerging-market BNPL mechanics, merchant network model, and AI-driven credit underwriting.
- Simpl: India-based one-tap checkout and BNPL platform integrated with merchant apps. Comparable in merchant-first BNPL distribution and emerging-market consumer credit focus.
- ZestMoney: India-based BNPL and consumer credit platform targeting first-time-credit borrowers with AI underwriting. Comparable in underbanked consumer focus, AI risk decisioning, and merchant-network model.
Regional players
- PayHere: Sri Lankan payment gateway providing online card processing, e-commerce checkout, and merchant acquiring. Comparable as a domestic Sri Lankan fintech serving the same merchants, though focused on payment acceptance rather than consumer credit/BNPL.
Broad incumbents
- Commercial Bank of Ceylon (PayCorp / ComBank digital): Sri Lanka's largest private-sector bank with an existing debit/credit card base and digital banking app. Comparable as a potential competitor leveraging balance sheet and licensed infrastructure to launch competing BNPL/instalment offerings on the same merchant base.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Mintpay social profiles
Digital presenceMintpay financial estimates
Financial estimateRevenue estimate
Valuation estimate
Mintpay leadership team
Management profileNumber of profiles
Profiles1 record
Mintpay funding detail
Funding detailFunding overview
Funding rounds2 records
Investors2 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Mintpay M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Mintpay
What does Mintpay do?
Mintpay is a Sri Lankan Buy Now Pay Later (BNPL) and mobile payments platform offering consumers interest-free instalment payments (three monthly instalments) and cashback rewards at partner merchants, unified through a Mint Coins loyalty currency. It serves consumers via a mobile app for online and in-store payments, and serves merchants through checkout plugins and a merchant portal. The platform also distributes digital gift vouchers and corporate voucher solutions for business gifting.
Is Mintpay a public or private company?
Mintpay is a private company. It is classified as venture growth investor backed and is currently operating.
When was Mintpay founded?
Mintpay was founded in 2020. It employs 11 to 50 people.
Where is Mintpay based?
Mintpay is headquartered in Colombo, Sri Lanka, in the Asia region.
How does Mintpay make money?
Four revenue lines are on record. Transaction Fees from Merchants are the primary driver. The others are late Payment Fees, cashback/Interchange Revenue and corporate Voucher Sales.
Who are Mintpay's main competitors?
Direct peers on record are Kredivo, Atome, Tabby, Spotii, Cashee, LazyPay, Simpl and ZestMoney. PayHere is listed as a regional player. Commercial Bank of Ceylon (PayCorp / ComBank digital) is listed as a broad incumbent.
Does Mintpay have an API?
No public API is recorded for Mintpay.
What industry is Mintpay in?
Mintpay's product category is Buy Now Pay Later. Its primary akta.pro industry code is FSAGAIAG, BNPL Consumer Apps & Wallets (Discovery, Management), with a secondary code of BPAMAFAG, Buy Now, Pay Later (BNPL) Platforms. Its NAICS code is 52221 and its SIC code is 6141.