Mintoak, an India-based software-as-a-service (SaaS) platform focused on merchant services, has raised $20 million Series A funding round led by PayPal Ventures with 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 funding further strengthens Mintoak’s commitment to its vision as 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 Middle East, Africa, and Southeast Asia, according to an official statement.

“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. I am thrilled to have some of the world’s most trusted brands place their faith in our product, team, and delivery,” said Raman Khanduja, CEO and co-founder of Mintoak.

Banks partner with Mintoak to provide small businesses with cutting-edge solutions and efficient tools to manage and grow their businesses. 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 Middle East, claimed by the company in the statement.

“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.

Founded in 2017, Mintoak is the preferred merchant SaaS platform for Banks, enabling them to expand their payments proposition for merchants by integrating digital business solutions and leveraging the enriched engagement to cross-sell and deliver financial products.