Mintoak acquires loyalty and rewards tech company ICC Loyalty

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Mintoak, a payments and engagement OS for acquirers, has acquired ICC Loyalty. The acquisition expands Mintoak's presence across the Middle East, Africa, Eastern Europe and Asia, while strengthening its ability to help banks generate revenue beyond payments.
Entrackr exclusively reported about this deal in March this year.
ICC Loyalty provides loyalty and rewards technology to more than 30 banks. Its platform enables financial institutions to offer personalised rewards, targeted campaigns and lifecycle engagement programmes aimed at improving customer retention and transaction frequency. The company serves over 11 million customers across more than 10 countries.
According to the company, the acquisition expands Mintoak's capabilities beyond merchant payments and value added services to include customer engagement, loyalty and rewards. It also enables banks to serve both acquiring and issuing businesses through a unified platform.
The combined business generates more than $30 million in annual revenue with a profitability margin exceeding 30%, according to the company. It said the combined platform will enable banks to connect merchants, consumers and payment data to improve customer engagement and create additional revenue opportunities.
Following the acquisition, Mintoak now partners with more than 50 banks across over 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. Backed by investors including PayPal Ventures, British International Investment, Pravega Ventures, HDFC Bank and Z3Partners, the company says its platform supports over 5 million merchants and 11 million customers while processing more than $93 billion in annual payment volume.
Mintoak said the acquisition will help it expand its payments and engagement platform for banks across emerging markets as financial institutions increasingly look beyond transaction processing to strengthen customer relationships and diversify revenue streams.

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