Mintoak buys ICC Loyalty to add rewards to merchant payments
The payments platform used by HDFC, Axis and SBI Payments is adding loyalty technology, taking the combined business past 30 million dollars in revenue.
- Deal size undisclosed. Combined business runs over 30 million dollars annual revenue at above 30 percent margins.
- ICC Loyalty serves over 30 banks and 11 million customers across more than 10 countries.
- Mintoak now supports over 5 million merchants with more than 50 banks in 20 plus countries.
- Indian bank partners include HDFC Bank, Axis Bank and SBI Payments.
Mintoak has acquired ICC Loyalty, a loyalty and rewards technology company. Terms were not disclosed, though the combined business is described as generating over 30 million dollars in annual revenue at margins above 30 percent.
Mintoak runs a payments and engagement operating system for bank acquirers, letting banks process merchant payments and layer value added services on top. ICC Loyalty supplies rewards technology to more than 30 banks, covering personalised rewards, targeted campaigns and lifecycle engagement for 11 million customers across over 10 countries.
After the deal Mintoak’s platform supports over 5 million merchants with more than 50 banks across 20 plus countries, including HDFC Bank, Axis Bank and SBI Payments in India, Emirates Islamic and RAKBANK in the Middle East, and Absa Bank in Africa.
The rationale is that it lets a bank serve both sides from one platform: acquiring on the merchant side and issuing rewards on the customer side, with revenue that is not purely transaction volume.
For merchants the practical consequence is that loyalty is increasingly arriving through the payment terminal rather than through a brand’s own app. If your customers transact in store, the rewards layer may soon belong to the bank rather than to you, which is worth knowing before you build a competing programme.
Zane’s analysis draws on original reporting by Entrackr. Read the original report.