Indian fintech startup Mintoak, backed by PayPal and HDFC Bank, has acquired Digiledge, a company specializing in central bank digital currency (CBDC) services, for $3.5 million. This marks India’s first acquisition in the CBDC space.
The move enables Mintoak to integrate CBDC and payment solutions into its service offering, giving partner banks such as HDFC Bank, Axis Bank, and State Bank of India (SBI) the ability to provide more comprehensive digital rupee solutions to their customers.
Raman Khanduja, CEO of Mintoak, said that Digiledge’s capabilities will support the growth of merchant acquiring and improve access to digital tools and financial services for small and medium-sized enterprises.
India’s Reserve Bank launched its digital rupee pilot in December 2022, initially involving banks and later expanding to payment companies in April 2024. With this acquisition, Mintoak positions itself at the forefront of digital currency innovation, supporting the evolution of digital payments in India.
