Mintoak Acquires ICC Loyalty to Create Unified Payments & Engagement Platform

Mumba-based payments platform Mintoak has acquired Dubai’s ICC Loyalty, marking a strategic move into customer engagement and loyalty solutions. This acquisition extends Mintoak’s reach across the Middle East, Africa, Eastern Europe, and Asia—all key emerging markets.

The combination brings together merchant acquiring infrastructure with consumer-facing loyalty programs under one roof. ICC Loyalty currently serves over 30 banks and more than 11 million customers in ten countries, including major UAE institutions like Abu Dhabi Islamic Bank and Emirates Islamic.

Strategic Vision

Raman Khanduja, co-founder and CEO of Mintoak, described the acquisition as a “strategic pivot” towards building a comprehensive payments and engagement operating system. This platform aims to deliver greater value for merchants, consumers, and banks by integrating payment processing with data-driven loyalty solutions.

Financial Performance & Expansion

The combined business generates over $30 million in annual revenue with a profitability margin exceeding 30%, according to Mintoak (though this figure remains unverified). With the acquisition, Mintoak now partners with more than 50 banks across 20 countries and processes over $93 billion in annual payment volume.

Market Implications

This acquisition reflects a broader trend in payments where companies are moving beyond basic processing to offer value-added services like loyalty programs, data analytics, and personalized engagement. Mintoak’s expansion aligns with this evolution as competitive margins on pure transaction processing narrow.

The success of this integration will depend on how effectively Mintoak combines its technology with ICC Loyalty’s expertise, particularly in delivering hyper-personalized experiences while navigating diverse regulatory landscapes across different markets.