Spice Route Legal is pleased to have advised PayPal Ventures-backed Mintoak, a Mumbai-based fintech SaaS platform, on its structured acquisition financing from BlackSoil Capital to finance its acquisition of Dubai-based Innovative Consumer Concepts (ICC Loyalty).

The mandate involved advising Mintoak on the structuring and implementation of the financing through the issuance of non-convertible debentures (NCDs).

Mintoak enables banks and merchant acquirers to deepen their engagement with micro, small and medium enterprises (MSMEs) through digital payments and commerce solutions. The acquisition of ICC Loyalty, a customer loyalty and engagement platform, expands Mintoak’s capabilities across payments, loyalty and customer engagement.

Following the acquisition, Mintoak works with more than 50 banks across over 20 countries, including HDFC Bank, Axis Bank, SBI Payments, Emirates Islamic and Absa Bank. The combined platform supports over 5 million merchants and 11 million customers, processes more than USD 93 billion in annual payment volume, and generates over USD 30 million in annual revenue.

This transaction builds on Spice Route Legal’s longstanding relationship with Mintoak. In 2025, the Firm also advised Mintoak on its acquisition of Digiledge, a fintech company providing bill payments and Central Bank Digital Currency (CBDC) solutions.

The Spice Route Legal team advising on the transaction was led by Partners Mathew Chacko and Ankita Hariramani, with support from Senior Associate Harsh Kumra and Associate Nehal Misra.