PayPal-backed FinTech startup Mintoak has acquired Digiledge in a deal valued at approximately $3.5 million, marking the first acquisition in India’s Central Bank Digital Currency (CBDC) space.
With this acquisition, Mintoak aims to offer advanced CBDC-related payment solutions to its partner banks, including HDFC Bank, Axis Bank and State Bank of India (SBI). The move aligns with India’s ongoing efforts to expand the e-rupee ecosystem.
The Reserve Bank of India (RBI) launched a pilot for the e-rupee in December 2022 as a digital alternative to cash. Initially limited to banks, the scope of transactions was extended to payment firms in April 2023.
The acquisition signals growing interest from FinTech firms in CBDC adoption. “By adding Digiledge’s capabilities, we are making it easier for merchant acquirers to support Small and Medium Enterprises (SMEs) with digital payment tools,” said Raman Khanduja, Co-Founder and CEO, Mintoak.
The acquisition strengthens Mintoak’s merchant engagement and retention strategy, equipping acquirers with enhanced digital tools to support Small and Medium-sized Enterprises (SMEs). With the National Payments Corporation of India (NPCI) pushing for digital adoption through initiatives like Bharat Connect, bill payments have become a crucial segment for businesses of all sizes.
By integrating Digiledge’s capabilities, Mintoak’s partner banks will be able to offer SMEs a wider range of financial services, including streamlined bill payments and the ability to accept CBDC transactions. The collaboration will help merchant acquirers to adapt to regulatory and technological changes, ensuring their payment systems remain future-proof and seamless across multiple channels.
For Digiledge, the deal presents an opportunity for scalability and international expansion.
“Joining forces with Mintoak opens up new avenues for us to operate at scale and reach global markets. This partnership enables us to deliver more value and further strengthen the SME ecosystem worldwide,” said Mahesh Govind, Co-Founder and CEO, Digiledge.
Send news announcements/press releases to:
info@thefoundermedia.com
