Mintoak has acquired Dubai-based ICC Loyalty as the payments and banking technology company expands its presence across the Middle East, Africa, Eastern Europe and Asia.
The deal adds customer engagement, loyalty and rewards technology to Mintoak’s merchant payments platform. ICC Loyalty’s solutions help banks manage customer engagement and rewards programs.
According to Mintoak, ICC Loyalty serves more than 30 banks and 11 million customers across more than 10 countries, including Emirates Islamic, Dubai Islamic Bank and RAKBANK.
The combined business generates more than $30M in annual revenue and has a profit margin above 30%, the company said.
Following the acquisition, Mintoak said it now works with more than 50 banks across over 20 countries. Its platform supports more than 5 million merchants and 11 million customers, processing annual payment volumes of more than $93B.
Mintoak said it will integrate its AI capabilities and digital platform into ICC Loyalty’s services. The company’s investors include PayPal Ventures, British International Investment, Pravega Ventures, HDFC Bank and Z3Partners.
Source: EntArabi
