- Mintoak Acquires ICC Loyalty to Strengthen Its Presence Across the Middle East and Asia
- The acquisition integrates Mintoak’s AI-powered platform and technologies into ICC Loyalty’s existing services, enhancing customer engagement and loyalty solutions for banks.
Mintoak, a provider of payments and banking engagement technology, has acquired Dubai-based ICC Loyalty in a move aimed at expanding its footprint across the Middle East, Africa, Eastern Europe, and Asia.
The acquisition strengthens Mintoak’s offering by adding customer engagement, loyalty, and rewards solutions to its existing merchant payments platform. ICC Loyalty provides technology that enables banks to manage customer engagement and rewards programs.
According to Mintoak, ICC Loyalty serves more than 30 banks and 11 million customers across 10+ countries, including Emirates Islamic, Dubai Islamic Bank, and RAKBANK.
Mintoak said the combined business generates more than $30 million in annual revenue, with a profit margin exceeding 30%.
Raman Khanduja, Co-founder and CEO of Mintoak, described the acquisition as a strategic milestone for the company, noting that payments have become the foundation of banking relationships, while the next phase of growth will be driven by stronger customer engagement.
He added that integrating merchant engagement, loyalty programs, and data-driven intelligence will enable banks to create greater value for both merchants and consumers.
Amit Narang, Co-founder and CEO of ICC Loyalty, said:
” the acquisition will allow the company to integrate Mintoak’s artificial intelligence capabilities and digital platform into its existing services”.
“Together, we will help banks deliver more meaningful customer experiences while creating measurable commercial value,” Narang said.
Following the acquisition, Mintoak now partners with more than 50 banks across 20+ countries, including HDFC Bank, Axis Bank, and SBI Payments in India; Emirates Islamic and RAKBANK in the Middle East; and Absa Bank in Africa.
The company’s platform supports more than 5 million merchants and 11 million customers, processing annual payment volumes exceeding $93 billion.
Mintoak is backed by several investors, including PayPal Ventures, British International Investment, Pravega Ventures, HDFC Bank, and Z3Partners.
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