Mintoak acquires ICC Loyalty as it expands beyond payments
Fintech company Mintoak has acquired Dubai-based ICC Loyalty in a move to expand its banking technology offerings beyond payments into customer engagement, loyalty and rewards solutions.
The acquisition reinforces Mintoak’s presence across the Middle East, Africa, Eastern Europe and Asia, while enabling the company to provide banks with a single platform that supports both merchant payment services and customer loyalty programmes.
ICC Loyalty develops rewards and loyalty technology used by more than 30 banks across over 10 countries. Its platform serves more than 11 million banking customers by helping financial institutions deliver personalized rewards, targeted marketing campaigns and customer engagement initiatives designed to improve retention and increase transaction activity.
By integrating ICC Loyalty’s technology, Mintoak aims to help banks generate new revenue streams by combining payment data with customer engagement tools. The combined platform is intended to connect merchants, consumers and payment intelligence, allowing banks to enhance customer relationships while expanding services for both acquiring and issuing businesses.
Following the acquisition, Mintoak now works with more than 50 banks across 20 countries, supporting over five million merchants and 11 million customers. The company said its platform processes more than US$93 billion in annual payment volume.
“Payments have become the foundation of banking relationships. The next phase of growth will come from engagement. By bringing together merchant engagement, customer loyalty and data-driven intelligence, we are building a payments and engagement OS that enables banks to create greater value for merchants, consumers and banks.” said Raman Khanduja, Co-founder and Chief Executive Officer, Mintoak.
The combined business generates more than US$30 million in annual revenue and reports a profit margin exceeding 30%, providing additional resources to support product development and expansion into new markets.
With the addition of ICC Loyalty, Mintoak is positioning itself as a provider of an integrated payments and engagement platform for banks operating across emerging markets, where demand for digital banking services and personalized customer experiences continues to grow.
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