Mintoak acquired ICC Loyalty for an undisclosed sum, adding card rewards software to a business that until now sold merchant payment tools to banks. The Mumbai company sits on the acquiring side, equipping banks to serve their SME merchant customers, while Dubai-based ICC Loyalty works the issuing side, handling credit card offers, redemption, and spend analysis. ICC Loyalty counts Emirates Islamic, Dubai Islamic Bank, and RAKBANK among its clients, and reaches 11 million cardholders through more than 30 banks. Mintoak now says it covers over 50 banks in 20-plus countries and more than 5 million merchants, moving upward of $93 billion in payments a year. The two together take in more than $30 million in annual revenue at a margin above 30%, per the company.
