Mintoak has acquired Dubai-based ICC Loyalty, pushing the combined business past $30 million in annual revenue with margins above 30%, the company said.

ICC Loyalty serves more than 30 banks and 11 million customers across over 10 countries, including Emirates Islamic, Dubai Islamic Bank and RAKBANK. Mintoak funded the deal from its own balance sheet with a small portion of debt, CEO Raman Khanduja said.

The acquisition adds an issuing-side business to Mintoak’s merchant-payments base. ICC’s stack lets banks manage credit card rewards, analyse spend patterns and identify cross-sell opportunities.

Scale After The Deal

Mintoak now works with more than 50 banks across 20-plus countries. India partners include HDFC Bank, Axis Bank and SBI Payments; Middle East clients span Emirates Islamic and RAKBANK; Absa Bank anchors its African presence. The platform supports more than five million merchants, 11 million customers and $93 billion in annual payment volume.

Mintoak reported ₹105 crore in operating revenue in FY25 and, per Khanduja, tripled that in FY26, with international business now roughly half the total. The company plans to sell ICC’s rewards stack to its 50-plus banking partners while taking its merchant engagement platform to ICC’s 34 UAE bank clients.

Both firms cite AI and data-driven personalisation as shared ground for combining a merchant-facing stack with an issuer-facing one. Neither company has disclosed customer churn risk or migration timelines for ICC’s existing bank contracts.

Sources

  • Indian Startup News: acquisition announcement, combined revenue, customer and bank counts, CEO quote, investor list
  • Inc42: FY25 revenue (₹105 Cr), FY26 growth trajectory, international revenue split, cross-sell strategy
  • Business Standard: financing structure (balance sheet plus small debt), UAE bank count (34), issuing-side use case
  • Businessday NG: ICC Loyalty customer reach, regional expansion scope
  • GCC Business News: strategic rationale, AI and intelligence integration themes

Reporting compiled and contextualised by TechScoop India. Figures reconciled across the sources above.

Originally reported by ISN.