Mintoak Innovations, a Mumbai based startup that owns eponymous digital payment platform, has now secured $2 million in the bridge funding round led by the Pravega Ventures and some other clutch of investors.
The funding will be going to be used for product development, and technology improvement noted in the announcement.
Mintoak was founded by the Raman, Rama, and Sanjay in 2017. It offers online payment services for the merchants, which enable and record all the transactions via the Bharat QR, BHIM, UPI, and Android-based POS devices, along with the cash transactions.
“Our objective is not just to make digital payments acceptance easier but also to facilitate the ecosystem around the merchant’s business to really get the merchant to adopt and use the full power of the digital ecosystem. They are now realizing that digital payments are not just one-time transactions, but rather opportunities to drive customer loyalty and optimise operations,” CEO Khanduja said.
“Amid the excitement related to the payments space in India and a plethora of startups in the ecosystem, what stood out at Mintoak for us was the value-added services product roadmap to empower small merchants with enterprise grade tools,” lead investor Pravega Ventures said in the statement.