Mumbai-based fintech startup Mintoak has acquired Digiledge, a company specializing in bill payments and Central Bank Backed Digital Currency (CBDC).

Digiledge will operate as a fully owned subsidiary of Mintoak.

The transaction amount was not disclosed.

Mintoak provides QR-based payment tech to banks like HDFC Bank, Axis Bank, and SBI, competing with PhonePe and Paytm.

Mintoak will add Digiledge’s bill payments and explore CBDC to help merchants adopt digital currency transactions.

Update: (March 4, 4:23 p.m. SGT): This article was updated to state that the transaction amount was not revealed. The US$22.9 million figure cited in the earlier version of this report referred to the corpus created by the startup.