PayPal-Backed Mintoak Acquires Digiledge in India’s First e-Rupee Deal Worth 3.5M
- Mintoak’s acquisition of Digiledge marks India’s first e-rupee-related deal, valued at approximately $3.5 million.
- The deal enables Mintoak’s partner banks, including HDFC Bank, Axis Bank, and SBI, to offer enhanced CBDC-related payment solutions.
Indian fintech startup Mintoak has completed the acquisition of Digiledge in a deal within the central bank digital currency (CBDC) sector, sources revealed. Valued at approximately $3.5 million, the transaction marks the first acquisition in India’s e-rupee space.
Mintoak specializes in providing merchant payment solutions to banks and lenders. The startup is backed by global payments giant PayPal and HDFC Bank.
The startup announced the acquisition, stating that the integration of Digiledge’s expertise in CBDC and bill payments services will enhance its offerings to partner banks.
Mintoak’s e-rupee deal includes major Indian banks
Mintoak’s partner banks include HDFC Bank, Axis Bank, and the State Bank of India (SBI). The acquisition enables these institutions to offer more comprehensive digital payment solutions to their clients.
The Reserve Bank of India (RBI) launched a pilot program for the e-rupee in December 2022 to introduce a digital alternative to physical currency. The program was initially restricted to banks and was expanded in April 2023 to include payment firms.
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"By adding Digiledge's bill payments and CBDC capabilities, we are making it easier for merchant acquirers to grow and help more small and medium enterprises access digital tools and financial services," said Mintoak CEO Raman Khanduja.
Cred and MobiKwik entered the e-rupee ecosystem
Cred and MobiKwik became the first fintech platforms to offer customers access to the CBDC.
Major players such as Google Pay, Walmart-backed PhonePe, and Amazon Pay are seeking to join the pilot, according to an earlier Reuters report.
Mintoak’s acquisition of Digiledge adds CBDC and bill payments capabilities to its offering for partner banks. The transaction marks the first acquisition in India’s e-rupee space.
Edited by Annette George
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