Mintoak acquires Dubai’s ICC Loyalty to add rewards and data tools for banks

Mumbai-based merchant-payments fintech Mintoak has acquired ICC Loyalty, expanding its bank-facing stack with loyalty, rewards and customer-data capabilities. The combined platform will target cross-selling, personalised merchant offers, analytics and new monetisation opportunities across bank clients.

— Source publishedTue, 4 Aug, 2026, 06:00 IST·First seen Tue, 4 Aug, 2026, 06:31 IST·Source Inc42

What happened

Mumbai-based Mintoak acquired Dubai-headquartered ICC Loyalty to add loyalty, rewards and customer-data capabilities to its merchant-payments platform. The

Key facts

  • Mintoak works with over 50 banks across 20 countries
  • Mintoak supports more than 5 million merchants
  • Mintoak processes over $93 billion in annual payment volume
  • ICC Loyalty serves over 11 million banking customers through more than 30 banks across 10 countries
  • ICC Loyalty reported $16 million revenue and $4 million net profit in 2026
  • Mintoak reported ₹105 crore operating revenue in FY25
  • Mintoak said it tripled revenue in FY26

Why this matters

Mintoak’s deal signals growing strategic value in combining payments, loyalty and customer data, making adjacent engagement-tech assets attractive acquisition targets.

What to watch

  • Named bank wins or expansion of existing Mintoak bank contracts to include loyalty and rewards.
  • Evidence of merchant-funded campaign volume, offer redemption rates and repeat merchant participation.
  • Disclosure of cross-sell revenue, take rates, recurring SaaS fees or improvement in revenue per bank client.
  • New GCC launches, local data-hosting commitments or regulated-bank partnerships.
  • Privacy, data-sharing or customer-consent requirements that constrain use of payment behavior for personalized offers.
  • Competitive product launches or pricing moves from card networks, core banking vendors, loyalty platforms and payment acquirers.
  • Launch combined loyalty-and-merchant-offers modules to Mintoak's existing bank clients, likely beginning with pilot programs tied to debit, credit or UPI-linked engagement.
  • Build a merchant-funded offers marketplace with self-serve campaign tools, targeting categories such as dining, grocery, travel, beauty and local services.
  • Prioritize consent management, customer-data controls, analytics governance and bank-grade security certifications to reduce procurement friction.
  • Use ICC Loyalty's Dubai footprint to pursue Gulf bank partnerships while positioning India merchant distribution as a differentiator.
  • Consider further acquisitions or partnerships in CRM, card-linked offers, fraud controls, marketing automation or open-banking data.

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