Indian paytech Mintoak has finalized its acquisition of ICC Loyalty, a Dubai-based software company specializing in customer rewards and cashback programs for banks, as of August 6, 2026. The financial terms of the deal were not disclosed.
Established in 2010, ICC Loyalty’s platform is currently utilized by over 30 banks, serving 11 million customers, including Emirates Islamic, Dubai Islamic Bank, and Rakbank.
This acquisition will allow Mintoak to expand its payments platform beyond merchant payments to encompass customer engagement, loyalty, and rewards. The move is also expected to increase Mintoak’s market footprint across the Middle East, Africa, Eastern Europe, and Asia.
Raman Khanduja, co-founder and CEO of Mintoak, commented that “the next phase of growth will come from engagement,” with the objective of creating greater value for merchants, consumers, and banks.
Mintoak anticipates the combined business will generate over $30 million in annual revenue, with a profitability margin projected to exceed 30%.
Based in Mumbai, Mintoak currently supports five million merchants and processes $93 billion in annual payment volume. The company is backed by investors including PayPal Ventures, British International Investment, Pravega Ventures, HDFC Bank, and Z3Partners.
