Mumbai: 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.
