Payment solutions firm Mintoak raises Rs 15 cr in pre-series A from Pravega Ventures

Mintoak, a Mumbai primarily based service provider funds solutions firm, arrange by former prime officers of Visa, has raised near Rs 15 crore in a pre-Series A spherical of fund elevate led by Pravega Ventures.
The Mintoak platform affords a single view throughout all types of funds to supply reconciled statements to the service provider. The firm goals to supply essential innovation impetus in the small and medium enterprise section by partnering banks.

The capital raised can be used to strengthen the expertise platform and hiring extra individuals, its chief government, Raman Khanduja stated.

“Mintoak has already signed up with five banks in a short timeframe, including one of the largest banks in India and a leading bank in the middle-east and, is engaged in various conversations with banks in South and South East Asia,” Khanduja stated.

Set up by Rama Tadeppalli and Sanjay Nazareth in addition to Khanduja, Mintoak targets to supply a easy, safe and dependable cost platform designed to simply accept all sorts of digital cost merchandise. All the three founders have been on the management roles in India & South-Asia at Visa.

Mintoak has already obtained angel funding from some main funds and shopper banking business stalwarts as its angel traders.

Digital funds have been the thrill phrase in India since demonetization. Much of this progress has been led by enabling a number of cost varieties similar to UPI, QRbased funds, wallets, and so forth at service provider areas. Consumer adoption of those myriad cost varieties has been primarily buoyed by money backs or ease of use. “However, the ecosystem failed to deliver meaningful solutions thataddress the merchant’s need to power their business growth. Our aim is to fill that gap,” Khanduja stated.

Pravega Ventures is an early-stage investor arrange by prime executives at SAIF Partners and former JP Morgan banker, Vijay Menon.

Fintech investments in India practically doubled to $3.7 billion in 2019 from $1.9 billion the earlier 12 months, placing the nation because the world’s third largest fintech middle, behind solely the U.S. and U.Okay., in line with Accenture.

Meanwhile, non-public fairness and enterprise capital investments grew 28 % in 2019 to hit a report of $48 billion, as per information compiled by EY.

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