Mintoak acquires ICC Loyalty
Analysis based on 17 articles · First reported Aug 04, 2026 · Last updated Aug 04, 2026
The acquisition strengthens Mintoak's competitive position in the fintech and payments space, potentially increasing its valuation and attractiveness to investors. It may also impact the competitive dynamics in the loyalty and engagement technology market, as Mintoak expands its offerings to banks across emerging markets.
Mintoak, a payments and engagement OS for acquirers, announced the acquisition of ICC Loyalty, a Dubai-headquartered loyalty technology company. The acquisition expands Mintoak's footprint across the Middle East, Africa, Eastern Europe, and Asia, and adds customer engagement, loyalty, and rewards capabilities to its existing merchant payments platform. The combined business generates over US$30 million in annual revenue with a profitability margin exceeding 30%. Following the acquisition, Mintoak partners with over 50 banks across 20+ countries, including HDFC Bank, Axis Bank, Mesh Payments, Emirates Islamic, RAKBANK, and Absa Bank. The platform supports over 5 million merchants and 11 million customers, powering more than US$93 billion in annual payment volume. Mintoak is backed by PayPal — PayPal Ventures, United Kingdom — British International Investment, Pravega Ventures, HDFC Bank, and Z3Partners. The acquisition is seen as a strategic move to help banks unlock new revenue opportunities beyond payments by integrating loyalty and engagement solutions.
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