Mintoak acquires UAE-headquartered fintech ICC Loyalty

Mintoak has acquired UAE-headquartered fintech ICC Loyalty in a deal designed to broaden the payments firm's banking engagement capabilities across the Middle East, Africa, Eastern Europe and Asia. The combined business will span merchant payments, customer loyalty and data-driven engagement, with the two companies together generating more than $30 million in annual revenue and reporting a profitability margin in excess of 30 percent.

"This acquisition represents a defining milestone for Mintoak," said Raman Khanduja, Co-founder and Chief Executive Officer at Mintoak. "Payments have become the foundation of banking relationships. The next phase of growth will come from engagement. By bringing together merchant engagement, customer loyalty and data-driven intelligence, we are building a payments and engagement OS that enables banks to create greater value for merchants, consumers and banks."

Deal details and strategic rationale

Mintoak, which describes itself as a payments and engagement operating system for acquirers, has moved to integrate ICC Loyalty’s loyalty and rewards technology into its platform. ICC Loyalty is based in the UAE and provides loyalty and rewards solutions to more than 30 leading banks, enabling personalised rewards, targeted campaigns and lifecycle engagement programmes that aim to boost customer retention and increase transaction frequency.

• Combined annual revenue: > $30 million
• Combined profitability margin: > 30%
• ICC Loyalty clients: over 30 banks
• Geographic focus post-deal: Middle East, Africa, Eastern Europe, Asia

Amit Narang, Co-founder and Chief Executive Officer of ICC Loyalty, said the tie-up will allow ICC to fold Mintoak’s AI and platform capabilities into its ecosystem. "Joining Mintoak allows us to integrate their advanced AI and platform capabilities into ICC’s ecosystem, delivering next-generation hyper-personalization for both our existing and new clients. Together, we will help banks deliver more meaningful customer experiences while creating measurable commercial value," Narang noted.

How the combined platform will work

The merged product strategy centres on converting payment transactions into strategic engagement moments. Mintoak intends to offer a unified platform that serves both acquiring and issuing businesses, connecting merchants, consumers and payment data. That integration is expected to enable banks to generate new revenue streams beyond transaction fees by monetising customer engagement through rewards, targeted offers and lifecycle communications driven by payment data and AI intelligence.

ICC Loyalty’s established footprint within banks — powered by its personalization and campaign-management capabilities — complements Mintoak’s merchant-focused payments infrastructure and value-added services. The acquisition therefore represents a move to build an end-to-end "payments and engagement operating system" that combines payments rails with customer loyalty, campaign orchestration and analytics.

Outlook

With the combined entity already profitable and delivering more than $30 million in revenue, Mintoak is positioned to invest further in product development and geographic expansion. Executives from both companies have highlighted AI-driven personalization and cross-sell opportunities as immediate priorities, targeting increased transaction frequency and deeper customer relationships for partner banks and merchants across the specified regions.

As Mintoak integrates ICC Loyalty’s platform, banks and acquirers in the region will be watching to see how quickly new engagement features and revenue models are rolled out, and whether the unified platform can measurably lift retention and grow recurring income streams tied to customer loyalty and targeted offers.