) Merchant SaaS platform Mintoak has acquired Digiledge, a fintech specialising in bill payments and central bank digital currency solutions, the company said in a statement. The amount involved in the transaction was not disclosed.
For Mintoak, the acquisition means adding bill payments and CBDC capabilities to its platform, which would allow it to offer better services to small and medium enterprises.
“Payments is the most engaging activity for a SME, because it is crucial to their existence. As long as they get payments, their business survives,” Co-founder Raman Khanduja told businessline. He said Digiledge was a natural fit for the bill payments player they were looking at to fill the requirement.
Mintoak’s platform is used by over 3 million merchants, and integrating Digiledge’s payment capabilities will help its partner banks offer comprehensive solutions to their SME customers. At the core of Mintoak’s SaaS platform is a merchant app that is white-labelled for banks. The app allows merchants and shopkeepers to accept payments and also access other financial services on the same app. It powers the merchant apps for HDFC Bank, Axis Bank, SBI and YE Bank.
Digiledge already works with several banks, such as Federal Bank, Karnataka Bank, Canara Bank, and Indian Bank. “They were doing an activity that we liked, they were into a business that we liked,” said Khanduja, adding that the fintech player was a profitable entity with good revenue visibility. The acquisition is expected to be EPS accretive during the current year.
The central government is also pushing CBDC adoption, and Digiledge’s expertise in that area will enable Mintoak to stay ahead of the curve as digital currencies gain acceptance.
