Mintoak, a merchant SaaS platform catering to banks and merchant acquirers, has raised ₹71 crore in the secondary funding round led by Z3Partners, an early-growth technology investor with extensive operational expertise. As part of this transaction, Z3Partners is acquiring a minority stake from some of Mintoak’s initial institutional investors.
“At Mintoak, delivering value to our clients, employees, and investors is at the heart of everything we do. This fundraiser is a good validation of the value we’ve delivered to some of our early backers. We’re excited to welcome Z3Partners to our journey and look forward to leveraging their expertise as we scale to new heights,” said Raman Khanduja, CEO and Co-founder of Mintoak.
Gautam Patel, Founder and Managing Partner at Z3Partners, said, “Mintoak’s remarkable product-led growth and innovation are redefining how Banks and SMEs collaborate, demonstrating trust and transaction scale. Their leadership team has world-class capability in working with Banks and Merchants globally with their prior experience at leading financial institutions. We’re thrilled to support their global ambition and transformative efforts in the merchant-acquirer ecosystem. Z3Partners is proud to contribute to their continued success.”
Founded in 2017 by Raman Khanduja, Rama Tadepalli, and Sanjay Nazareth, Mintoak offers SaaS to banks and merchant acquirers to connect with their small and medium enterprise (SME) customers and drive the cross-selling of financial products.
Mintoak’s advanced platform drives SME engagement for acquirers, empowering over 3 million merchants across six countries. It enables $50 billion+ in annual GMV and processes over $3 billion in transactions annually. Its modular, API-first infrastructure seamlessly integrates with banks and merchant acquirers, delivering unparalleled agility and scalability.
Mintoak’s clients include marquee banks such as HDFC Bank, State Bank of India, Axis Bank and YES Bank in India, alongside global powerhouses like Absa Bank, Network International, Burgan Bank, Ahli United Bank, and NMB Bank.
