India-based digital payments platform Mintoak has secured a funding of nearly INR150m ($1.9m) in a pre-Series A funding round, The Economic Times has reported.
The funding round led by India-based stage venture capital fund Pravega Ventures.
Founded by former Visa executives, the payments solutions company offers a single view across all forms of payments to deliver reconciled statements to the merchant.
Mintoak intends to sue the fund raised to bolster the technology platform and hire more employees in order to grow the business.
The payment firm’s chief executive Raman Khanduja was quoted by the publication as saying, “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.”
Rama Tadeppalli and Sanjay Nazareth are the other co-founders of the Mumbai-based merchant payments solutions company.
The start-up aims to deliver a secure payment platform that can accept all types of digital payment products.
Mintoak has already received angel funding from some leading payments and consumer banking industry stalwarts as its angel investors.
Last year, fintech investments in India almost doubled to $3.7bn from $1.9bn the previous year.
According to Accenture, India is now the world’s third-largest fintech hub after the US and UK.