Mintoak, a merchant software-as-a-service (SaaS) platform for banks and merchant acquirers, has secured 71 crore rupees (US$8.52 million) in a secondary funding round.

The transaction involves Z3Partners acquiring a minority stake from some of Mintoak’s initial institutional investors.

Z3Partners, recognized for investing in early-growth technology firms, joins existing investors in backing Mintoak.

Mintoak partners with major banking institutions in India, including HDFC Bank, State Bank of India, Axis Bank, and YES Bank.

Its client base also includes several international banks, such as Absa Bank, Network International, Burgan Bank, Ahli United Bank, and NMB Bank.

Recent SaaS developments