A Mumbai-based merchant payments solution startup, Mintoak has raised about Rs 15 Crore in its pre-Series A funding round led by Pravega Ventures. The company aims to use the funding to improve its technology platform and talent management. It has also received investments from big payments and consumer banking industries as angel investors earlier. It’s a big innovation as it provides all forms of transaction in one statement to the merchant.
Started by Rama Tadeppalli, Sanjay Nazerath and Raman Khanduja, Mintoak aims to provide transaction solutions to small and medium merchants by partnering with banks. It is already on a growth track by getting 5 banks onboard within short span of time. It is also in talks with banks in South and Southeast Asia.
Demonetization led to the increased demand of digital transactions platform and it just got better with the introduction of UPI and QR Codes. This development posed problems for merchants in their growth. Mintoak aims to fill this gap and provide sustainable options to the smaller businessman.
The startup provides a simple, secure and reliable platform that accepts all types of digital payments. Mintoak simplifies business and tracking money easier for the merchants and has a huge scope to grow. Fintech investments have almost doubled in India in 2019 compared to its previous year. This has placed at 3rd position in the world’s largest fintech center after UK and US. The fintech startups have seen a raise in investment because of the world become more digitized each day.