We are delighted to have advised Mintoak, a leading SaaS-based fintech platform empowering banks with value-added merchant services, on its 100% acquisition of DigiLedge, a cutting-edge blockchain-powered platform specialising in bill payments and Central Bank Digital Currency (CBDC) solutions. 

We have acted on 9 fintech acquisitions in the last 12 months – and are presently advising on another 6. 

The transaction comes at a pivotal moment in India’s digital payments landscape. The Reserve Bank of India launched a pilot for the CBDC (e-rupee) in December 2022, initially limiting participation to banks but later expanding access to payment firms in April 2023. With DigiLedge’s technology, Mintoak is well-positioned to support banks and acquirers in seamlessly integrating CBDC into their merchant platforms. This move not only aligns with India’s evolving digital currency framework but also ensures that SMEs remain future-proof against regulatory and technological shifts, benefiting from a seamless omnichannel payment experience.

The Spice Route Legal team advising on the transaction was led by Partner, Mathew Chacko, and included Senior Associate, Harsh Kumra and Associates, Layba Yaseen, Deval Garg, and Shikhar Srivastava. Ankita Hariramani (Partner – Financial Services Regulatory), Harshda Bakshi, and Swastik Sharma assisted on the regulatory aspects of the deal.