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---
description: Mintoak buys ICC Loyalty, adding bank loyalty and rewards capabilities alongside merchant payments. The companies did not disclose the purchase price.
title: Mintoak acquires ICC Loyalty to expand bank rewards
image: https://giftcard.news/images/social/v1/mintoak-acquires-icc-loyalty-connect-bank-payments-rewards-ad6e81122a06097ab52a96d69a74c72c.jpg
---

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# Mintoak acquires ICC Loyalty to connect bank payments with rewards

Mintoak adds Dubai-based ICC Loyalty and its bank rewards business, including an existing virtual gift-card offering. Deal terms and an integration timetable were not disclosed.

By [Oliver Reed](https://giftcard.news/author/oliver-reed/) August 4, 2026 3 min read [ Google News ](https://google.com/preferences/source?q=giftcard.news&utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news) 

Share [ ](https://x.com/intent/post?url=https%3A%2F%2Fgiftcard.news%2Findustry-deals%2Fmintoak-acquires-icc-loyalty-bank-payments-rewards%2F%3Futm%5Fsource%3Dx%26utm%5Fmedium%3Dsocial&text=Mintoak+acquires+ICC+Loyalty+to+connect+bank+payments+with+rewards&utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news "X") [ ](https://www.linkedin.com/sharing/share-offsite/?url=https%3A%2F%2Fgiftcard.news%2Findustry-deals%2Fmintoak-acquires-icc-loyalty-bank-payments-rewards%2F%3Futm%5Fsource%3Dlinkedin%26utm%5Fmedium%3Dsocial&utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news "LinkedIn") [ ](https://wa.me/?text=Mintoak+acquires+ICC+Loyalty+to+connect+bank+payments+with+rewards+https%3A%2F%2Fgiftcard.news%2Findustry-deals%2Fmintoak-acquires-icc-loyalty-bank-payments-rewards%2F%3Futm%5Fsource%3Dwhatsapp%26utm%5Fmedium%3Dsocial&utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news "WhatsApp") 

![Green Mintoak symbol and wordmark on a white background](https://giftcard.news/images/variants/v1/mintoak-acquires-icc-loyalty-connect-bank-payments-rewards-green-symbol-wordmark-white-w400.webp) 

 Mintoak announced its acquisition of ICC Loyalty on August 4. Photo: Mintoak via PR Newswire 

[Mintoak](https://giftcard.news/company/mintoak/) has acquired Dubai-based [ICC Loyalty](https://giftcard.news/company/icc-loyalty/), adding bank loyalty and rewards services to a business built around merchant payments. Announced on August 4, the transaction brings customer engagement products, including an existing virtual gift-card offering, alongside Mintoak's technology for banks and payment acquirers. [\[S1\]](#article-source-1) [\[S2\]](#article-source-2)

The combination gives Mintoak a presence on both sides of a banking relationship: the merchant accepting payments and the consumer using rewards. The companies present that broader role as a route to new bank revenue, although the announcement does not disclose the purchase price or a timetable for connecting their products.

## Adding the consumer side of engagement

ICC Loyalty serves more than 30 banks and 11 million customers in over 10 countries, according to the acquisition release. Its business gives Mintoak additional reach across the Middle East, Africa, Eastern Europe and Asia. Mintoak says the combined operation works with more than 50 banks in over 20 countries and supports more than five million merchants. [\[S1\]](#article-source-1)

These figures describe the companies' reported reach. They do not establish how many banks use both product sets or how many consumers will receive a newly integrated service. The commercial opportunity is to offer more capabilities through existing bank relationships; delivery will depend on what those institutions adopt.

Mintoak co-founder and chief executive [Raman Khanduja](https://giftcard.news/person/raman-khanduja/) frames engagement as the next stage after payment processing. ICC Loyalty co-founder and chief executive [Amit Narang](https://giftcard.news/person/amit-narang/) points to potential use of Mintoak's platform and AI capabilities for personalisation. Both describe the intended value of the combination, rather than a named bank deployment completed at announcement. [\[S1\]](#article-source-1)

## An existing gift-card capability

ICC Loyalty's virtual gift-card product helps explain the transaction's relevance to the gift-card sector. Its product page instructs the buyer to enter their own name, email address, mobile number and date of birth, choose a denomination and receive the card at their own email address. The holder can then use the card for online purchases or supported contactless payments; the page does not establish a separate-recipient sending flow. [\[S2\]](#article-source-2)

The page names Samsung Pay and Google Pay as supported wallets and describes Apple Pay as forthcoming. Its online payment instructions include card details and a 3D Secure confirmation code. These are product descriptions from ICC Loyalty, rather than new features announced as a consequence of the acquisition. [\[S2\]](#article-source-2)

For a bank, adding such a product to a rewards service connects the allocation of value with a way to spend it. For a merchant payments supplier, consumer rewards introduce another relationship to manage beyond payment acceptance. The acquisition combines ownership of those capabilities, but it does not by itself demonstrate that their customer journeys or operating systems have been unified.

## Financial scale without transaction terms

Mintoak reports that the combined business generates annual revenue above US$30 million and a profitability margin above 30%. The release does not define that margin as net profit, operating profit or EBITDA, nor provide a reporting period and detailed financial statements supporting the measure. It should therefore be read as a company-reported profitability figure. [\[S1\]](#article-source-1)

The acquisition establishes a broader bank technology business with an existing gift-card component. It does not announce a replacement card, revised redemption terms or a new loyalty programme for any particular bank. Those product and customer decisions remain separate from the ownership change.

## In this article

### Companies

* [ICC Loyalty](https://giftcard.news/company/icc-loyalty/)
* [Mintoak](https://giftcard.news/company/mintoak/)

### People

* [Amit Narang](https://giftcard.news/person/amit-narang/)
* [Raman Khanduja](https://giftcard.news/person/raman-khanduja/)

### Sources and documents

* [\[S1\] Mintoak acquisition announcement, August 4, 2026](https://www.prnewswire.com/apac/news-releases/mintoak-acquires-middle-east-headquartered-fintech-icc-loyalty-302841286.html?utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news) — Mintoak via PR Newswire
* [\[S2\] ICC Loyalty virtual gift card, existing product background](https://iccloyalty.com/virtualGiftCard.html?utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news) — ICC Loyalty

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![Portrait of Oliver Reed](https://giftcard.news/images/variants/v1/oliver-reed-editorial-portrait-w320.webp) 

About the author

## [Oliver Reed](https://giftcard.news/author/oliver-reed/)

Journalist — Industry Deals & Research

Oliver Reed covers industry acquisitions, investment and market research for Gift Card News.

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