Mintoak, a PayPal-backed fintech startup, 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.
Mintoak Expands CBDC Offerings
Mumbai-based Mintoak, which provides merchant payment solutions to banks, completed the acquisition to enhance its digital payment capabilities. Digiledge, a firm specializing in CBDC and bill payments, will now integrate its services with Mintoak’s platform.
With this acquisition, Mintoak aims to offer advanced CBDC-related payment solutions to its partner banks, including HDFC Bank, Axis Bank, and SBI. The move aligns with India’s ongoing efforts to expand the e-rupee ecosystem.
RBI’s E-Rupee Pilot Gains Momentum
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.
Earlier this year, fintech firms like Cred and MobiKwik became the first to enable CBDC transactions for users. Meanwhile, major payment firms, including Google Pay, PhonePe, and Amazon Pay, are seeking regulatory approvals to join the pilot.
Strategic Implications for India’s Digital Payment Landscape
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 with digital payment tools,” said Mintoak CEO Raman Khanduja.
As digital currency adoption in India expands, fintech players are expected to play a critical role in integrating CBDC with existing payment infrastructure.
Mintoak, a leading SaaS platform that powers merchant apps for banks and payment providers across India, the Middle East, and Africa, has acquired Digiledge, a fintech firm specializing in bill payments and Central Bank Digital Currency (CBDC) solutions.
The acquisition strengthens Mintoak’s merchant engagement and retention strategy, equipping acquirers with enhanced digital tools to support small and medium-sized enterprises (SMEs) in an increasingly digital economy. 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. NPCI’s latest B2B initiative focuses on digitizing invoicing and payments, impacting over 3 million merchants using Mintoak-powered applications.
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. According to Mintoak’s press release, this collaboration will help merchant acquirers adapt to regulatory and technological changes, ensuring their payment systems remain future-proof and seamless across multiple channels.
“This acquisition is a major milestone in our mission to support SMEs with an all-in-one merchant payments and commerce platform,” said Raman Khanduja, Co-founder and CEO of Mintoak. “By adding Digiledge’s Bill Payments and CBDC capabilities, we are making it easier for merchant acquirers to grow their networks and provide SMEs with digital financial tools. Together, we’re transforming how merchants conduct business in a digital-first world.”
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,” said Mahesh Govind, Co-founder and CEO of Digiledge. “This partnership enables us to deliver more value and further strengthen the SME ecosystem worldwide.”
Indian startup Mintoak has announced its strategy to bring Digiledge to customers in India, an acquisition that was completed at a total of USD 3.5 million.
The Reserve Bank of India started a pilot for the CBDC, a digital alternative to physical currency back in December 2022. In addition, in April 2024, the company also expanded the scope of transactions to payment firms, as the firm initially had limited it just to banks.
In addition, Mintoak has completed the acquisition of Digiledge, which specialises in CBDC and bill payment services, at a total of USD 3.5 million.
According to officials of the company, the deal is expected to enable Mintoak’s partner banks, which include HDFC Bank, Axis Bank, and SBI, to offer more comprehensive and secure CBDC-related payment solutions to their clients and customers. In addition, the firm will also continue to focus on meeting the needs, preferences, and demands of users in an ever-evolving market while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
In addition, through the process of adding Digiledge’s bill payments and CBDC capabilities, Mintoak is set to make it easier for merchant acquirers to grow and optimise the manner in which more small and medium enterprises (SMEs) get access to digital tools and financial services. The Indian startup will also focus on accelerating its development process through the integration of new, improved solutions, as well as providing customers with a more secure and optimised experience.
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