Mintoak Acquires UAE-Based ICC Loyalty To Expand Fintech Stack For Banks

Mumbai-based fintech startup Mintoak has acquired Dubai-headquartered loyalty and rewards tech company ICC Loyalty to expand beyond merchant payments into customer engagement and data monetisation. Without disclosing the financial terms of the deal, cofounder and CEO Raman Khanduja told Inc42 that the acquisition was funded predominantly through Mintoak’s balance sheet, along with a small debt component. ICC will operate as a wholly-owned subsidiary and retain its existing team.