HDFC Bank-Backed Mintoak Raises Rs 165 Crore In A Round Led By PayPal Ventures

Merchant services-focused startup Mintoak has raised about Rs 165 crore ($20 million) in a Series A funding round led by PayPal Ventures—the investment arm of the payments giant.

Investors such as British International Investment (formerly CDC) and White Whale Venture Fund participated, while existing investors HDFC Bank Ltd. and Pravega Ventures also invested, according to the press note issued by the company.

Last year, HDFC Bank picked up a 7.75% stake in Mintoak for about Rs 31 crore.

The company, which was founded in 2017, said it will deploy the funds to extend its tech stack and strengthen its presence in India, while expanding into new markets including the Middle East, Africa and Southeast Asia. It will also hire more engineering and product talent.

The fintech startup offers a product suite of APIs to banks and merchants to enable -added services—including lending and payments—and drive higher cross-sell of financial products. It currently claims to have over 15 lakh merchants across banks such as HDFC Bank and SBI, and in international markets such as Africa and the Middle East.