Getty ImagesMintoak, a Mumbai based merchant payments solutions company, set up by former top officials of Visa, has raised close to Rs 15 crore in a pre-Series A round of fund raise led by Pravega Ventures.
The Mintoak platform offers a single view across all forms of payments to provide reconciled statements to the merchant. The company aims to provide crucial innovation impetus in the small and medium enterprise segment by partnering banks.
The capital raised will be used to strengthen the technology platform and hiring more people, its chief executive, Raman Khanduja said.
“Mintoak has already signed up with five banks in a short timeframe, including one of the largest banks in India and a leading bank in the middle-east and, is engaged in various conversations with banks in South and South East Asia,” Khanduja said.
Set up by Rama Tadeppalli and Sanjay Nazareth besides Khanduja, Mintoak targets to provide a simple, secure and reliable payment platform designed to accept all types of digital payment products. All the three founders were at the leadership roles in India & South-Asia at Visa.
Mintoak has already received angel funding from some leading payments and consumer banking industry stalwarts as its angel investors.
Digital payments have been the buzz word in India since demonetization. Much of this growth has been led by enabling multiple payment forms such as UPI, QRbased payments, wallets, and so on at merchant locations. Consumer adoption of these myriad payment forms has been primarily buoyed by cash backs or ease of use. “However, the ecosystem failed to deliver meaningful solutions thataddress the merchant’s need to power their business growth. Our aim is to fill that gap,” Khanduja said.
Pravega Ventures is an early-stage investor set up by top executives at SAIF Partners and former JP Morgan banker, Vijay Menon.
Fintech investments in India nearly doubled to $3.7 billion in 2019 from $1.9 billion the previous year, putting the country as the world’s third largest fintech center, behind only the U.S. and U.K., according to Accenture.
Meanwhile, private equity and venture capital investments grew 28 percent in 2019 to hit a record of $48 billion, as per data compiled by EY.
The Mintoak platform offers a single view across all forms of payments to provide reconciled statements to the merchant. The company aims to provide crucial innovation impetus in the small and medium enterprise segment by partnering banks.
The capital raised will be used to strengthen the technology platform and hiring more people, its chief executive, Raman Khanduja said.
“Mintoak has already signed up with five banks in a short timeframe, including one of the largest banks in India and a leading bank in the middle-east and, is engaged in various conversations with banks in South and South East Asia,” Khanduja said.
Set up by Rama Tadeppalli and Sanjay Nazareth besides Khanduja, Mintoak targets to provide a simple, secure and reliable payment platform designed to accept all types of digital payment products. All the three founders were at the leadership roles in India & South-Asia at Visa.
Mintoak has already received angel funding from some leading payments and consumer banking industry stalwarts as its angel investors.
Digital payments have been the buzz word in India since demonetization. Much of this growth has been led by enabling multiple payment forms such as UPI, QRbased payments, wallets, and so on at merchant locations. Consumer adoption of these myriad payment forms has been primarily buoyed by cash backs or ease of use. “However, the ecosystem failed to deliver meaningful solutions thataddress the merchant’s need to power their business growth. Our aim is to fill that gap,” Khanduja said.
Pravega Ventures is an early-stage investor set up by top executives at SAIF Partners and former JP Morgan banker, Vijay Menon.
Fintech investments in India nearly doubled to $3.7 billion in 2019 from $1.9 billion the previous year, putting the country as the world’s third largest fintech center, behind only the U.S. and U.K., according to Accenture.
Meanwhile, private equity and venture capital investments grew 28 percent in 2019 to hit a record of $48 billion, as per data compiled by EY.
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