Mintoak, an India-based software-as-a-service (SaaS) platform focused on merchant services, has raised $20 million in Series A funding round led by PayPal Ventures. 

The round saw participation from British International Investment and existing investors HDFC Bank and Pravega Ventures. Other institutional investors, including White Whale Venture Fund, also invested in this round.

The company plans to deploy the raised capital to ramp up its tech stack and double down on the existing product portfolio. It will focus on strengthening its existing presence in India while expanding into new markets, including the West Asia, Africa, and Southeast Asia. 

“Mintoak’s platform is designed to cater to two fundamental realities: Merchants want payments, analytics, commerce enablement solutions, and seamless access to capital delivered via a single platform; and banks can leverage the trust they command to deliver an entire suite of business solutions to their SME customers by partnering with a fintech products company,”  said Raman Khanduja, CEO and Co-founder of Mintoak. 

Mintoak’s product suite has a range of SaaS offerings that help banks and merchant acquirers to connect with their small and medium enterprise (SME) customers and drive higher cross-sell of financial products. It is a technology platform that powers omnichannel payments, real-time analytics for business owners, SME commerce enablement solutions, and access to capital. 

The Mintoak platform currently serves over 1.5 million merchants across leading banks in India (including HDFC Bank, SBI, and YES Bank) and international markets such as  Africa and the Middle East. 

“PayPal leverages technology to make financial services and commerce more convenient, affordable, and secure to millions of businesses. Similarly, Mintoak allows banks to offer a user-friendly, intuitive payments and commerce platform for merchants in developing nations through SaaS. We look forward to the next stage of Mintoak’s growth journey, ” said Ashish Aggarwal, Partner, PayPal  Ventures.