Miguel Cordon · · 1 min readPayPal Ventures backs $20m round of Indian SaaS platform for SMEs
Raman Khanduja, CEO and co-founder of Mintoak / Photo credit: Mintoak
Mintoak, a SaaS platform that provides merchant services in India and other markets, has banked US$20 million in series A fundraise led by PayPal Ventures. Apart from existing backers HDFC Bank and Pravega Ventures, British International Investment also joined the round.
Founded in 2017, Mintoak helps banks and merchant acquirers deliver value-added services to their SME customers via its platform, which integrates payments, analytics, commerce enablement solutions, and access to capital.
Mintoak serves over 1.5 million merchants across several banks in India such as HDFC Bank, SBI, and Yes Bank. It also caters to overseas clients in regions like Africa and Middle East.
See also: Analysis: Facebook, PayPal will help Gojek win Indonesia, but not Southeast Asia
The company will use the new funds to enhance its tech stack, develop its product portfolio, and expand into new markets. Co-founder and CEO Raman Khanduja said that Mintoak’s platform is designed to meet the needs of merchants who want a single solution for their their business needs.
In January, PayPal Ventures also backed the US$58 million round of Tabby, a buy now, pay later firm from the United Arab Emirates. This is the investor’s first bet on a Gulf Cooperation Council market.
Editing by Eileen C. Ang
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