Mintoak acquires Dubai’s ICC Loyalty to expand West Asia banking footprint

Mumbai-based payments platform Mintoak has acquired ICC Loyalty, adding card-rewards capabilities and access to 34 UAE bank clients. The deal strengthens its merchant and payments proposition across West Asia.

— Source publishedTue, 4 Aug, 2026, 16:32 IST·First seen Tue, 4 Aug, 2026, 16:43 IST·Source Business Standard · Companies

What happened

Mumbai-based payments platform Mintoak acquired Dubai’s ICC Loyalty, adding issuing-side card rewards capabilities and access to 34 UAE bank clients. The deal

Key facts

  • ICC Loyalty serves 34 banks in the UAE
  • Combined annual revenue exceeds $30 million
  • Profitability margin exceeds 30%
  • Mintoak partners with more than 50 banks across over 20 countries
  • Platform supports over 5 million merchants
  • Platform supports 11 million customers
  • Platform powers more than $93 billion in annual payment volume
  • New supplier onboarding in the Middle East can take 18 to 24 months

Why this matters

Acquiring ICC Loyalty provides Mintoak a fast-track West Asia entry strategy, combining local bank relationships with loyalty infrastructure that strengthens its merchant proposition.

What to watch

  • Announcements of existing ICC Loyalty banks adopting additional Mintoak payment or merchant products.
  • New UAE Central Bank, data-residency or payments-license disclosures tied to the combined business.
  • Bank-client renewals, churn or contract expansions following the acquisition.
  • Launch of co-branded card, cashback or merchant-offer programs.
  • Mintoak hiring, partnerships or office expansion in the UAE and Saudi Arabia.
  • Evidence that transaction volumes or merchant acceptance revenue are rising through loyalty campaigns.
  • Prioritize retention and renewal discussions with ICC Loyalty's 34 UAE banking clients.
  • Launch joint issuer-merchant rewards campaigns that use Mintoak's payment data and merchant network.
  • Build UAE-based compliance, data-governance and bank-integration capabilities.
  • Use UAE references to pursue bank partnerships in Saudi Arabia, Qatar and other West Asian markets.
  • Evaluate whether to add merchant-funded offers, cashback and embedded credit products around the loyalty stack.