BlackSoil lends ₹80 crore to Mintoak for ICC Loyalty acquisition

Mumbai-based Mintoak has secured ₹80 crore in acquisition debt from BlackSoil to fund its purchase of Dubai’s ICC Loyalty, extending its bank-led merchant payments, engagement and loyalty platform across India and international markets.

— FiledThu, 6 Aug, 2026, 14:38 IST·First seen Thu, 6 Aug, 2026, 14:37 IST·Source Entrackr

What happened

BlackSoil has provided Rs 80 crore in acquisition debt to Mumbai fintech Mintoak to fund its purchase of Dubai-based ICC Loyalty, expanding its bank-led

Key facts

  • Rs 80 crore
  • approximately $9 million
  • more than 50 banks
  • over 20 countries
  • more than 5 million merchants
  • 11 million customers
  • over $93 billion annual payment volume
  • more than $30 million annual revenue
  • EBITDA margin exceeding 30%
  • $275 million assets under management

Why this matters

The deal shows how acquisition financing can accelerate capability expansion, with ICC Loyalty adding international loyalty expertise to Mintoak’s merchant payments and bank-distribution platform.

What to watch

  • Announcement of named bank, acquirer, card-network, or wallet partners using the combined platform.
  • Evidence that ICC Loyalty clients are retained and migrated onto Mintoak systems without service disruption.
  • Launch timing of unified loyalty modules in India and GCC markets.
  • Changes in Mintoak's merchant count, bank-partner count, payment volumes, or recurring SaaS revenue.
  • New hiring or leadership appointments in Dubai, GCC, or international partnerships.
  • Any equity fundraise, debt refinancing, or disclosure of acquisition repayment terms.
  • Competitive responses from payment processors, fintech loyalty platforms, and bank technology vendors offering bundled merchant engagement tools.
  • Integrate ICC Loyalty's campaign, rewards, and customer-engagement capabilities into Mintoak's merchant and bank dashboards.
  • Package loyalty as an add-on for Mintoak's existing Indian bank partners, especially for QR-payment merchants, card-acquiring merchants, and SME ecosystems.
  • Retain key ICC Loyalty commercial and product personnel to preserve GCC enterprise relationships and domain expertise.
  • Pursue card-network, issuer-bank, and merchant-acquirer partnerships that can distribute loyalty programs across multiple markets.
  • Use combined payment and loyalty data to launch targeted offers, merchant-funded promotions, and analytics products.
  • Seek additional growth capital or refinanced debt if integration creates a credible recurring-revenue expansion story.

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