Mintoak acquires ICC Loyalty to combine bank payments, rewards and merchant engagement

Indian payments platform Mintoak has acquired ICC Loyalty, adding rewards and customer-engagement tools to its bank-facing merchant payments stack. The combined business serves banks across emerging markets, supporting more than 5 million merchants, 11 million customers and over $93 billion in annual payment volume.

— Source publishedTue, 4 Aug, 2026, 13:55 IST·First seen Tue, 4 Aug, 2026, 13:57 IST·Source Entrackr · Newsletter

What happened

Indian payments platform Mintoak acquired ICC Loyalty to add loyalty, rewards and customer-engagement capabilities for banks. The combined platform serves banks

Key facts

  • ICC Loyalty serves more than 30 banks
  • ICC Loyalty serves over 11 million customers
  • ICC Loyalty operates in more than 10 countries
  • Combined business generates more than $30 million in annual revenue
  • 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 processes more than $93 billion in annual payment volume

Why this matters

Mintoak’s purchase of ICC Loyalty illustrates the strategic value of combining merchant acquiring, consumer rewards and bank distribution in a single payments ecosystem.

What to watch

  • Named bank deployments of the combined platform and the pace of merchant/customer migrations.
  • Growth in active rewards users, offer redemption rates and card transaction frequency.
  • Merchant-funded marketing revenue or bank cross-sell disclosures.
  • New partnerships or acquisitions in loyalty, card-linked offers or merchant CRM by regional payment competitors.
  • Regulatory developments affecting transaction-data use, customer consent, interchange economics or rewards accounting.
  • Bundle loyalty, rewards and merchant engagement modules into existing bank-acquiring contracts.
  • Launch card-linked offer programs using payment data to target customers by merchant category, location and spending behavior.
  • Prioritize integrations with bank mobile apps, card programs and merchant POS/payment acceptance workflows.
  • Build consent, privacy, rewards-liability and cross-border data-governance controls for emerging-market deployments.
  • Pursue merchant-funded campaign measurement products to prove incremental sales and justify offer spending.

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