Mintoak, a supplier of payments and engagement know-how for banks, has acquired Dubai-based ICC Loyalty, increasing its presence throughout the Center East, Africa, Japanese Europe and Asia.

The deal provides buyer engagement, loyalty and rewards companies to Mintoak’s merchant-payments providing. ICC Loyalty supplies know-how utilized by banks to function buyer engagement and rewards programmes.

ICC Loyalty serves greater than 30 banks and 11 million clients throughout over 10 international locations, in accordance with Mintoak. Its purchasers embody Emirates Islamic, Dubai Islamic Financial institution and RAKBANK.

Mintoak mentioned the mixed enterprise generates greater than $30 million in annual income, with a profitability margin exceeding 30%.

“This acquisition represents a defining milestone for Mintoak. Funds have change into the inspiration of banking relationships. The following section of development will come from engagement,” mentioned Raman Khanduja, the corporate’s co-founder and CEO

Khanduja mentioned bringing collectively service provider engagement, buyer loyalty and data-driven intelligence would assist banks create extra worth from their relationships with retailers and customers.

Amit Narang, co-founder and CEO of ICC Loyalty, mentioned the deal will enable the corporate to combine Mintoak’s AI and platform capabilities into its present companies.

“Collectively, we’ll assist banks ship extra significant buyer experiences whereas creating measurable industrial worth,” Narang mentioned.

Following the acquisition, Mintoak mentioned it really works with greater than 50 banks throughout over 20 international locations. Its companions embody HDFC Financial institution, Axis Financial institution and SBI Funds in India, Emirates Islamic and RAKBANK within the Center East, and Absa Financial institution in Africa. Its platform helps greater than 5 million retailers and 11 million clients whereas powering over $93 billion in annual cost quantity.

The corporate is backed by traders together with PayPal Ventures, British Worldwide Funding, Pravega Ventures, HDFC Financial institution and Z3Partners.