BlackSoil Funds Mintoak's ₹80 Crore ICC Loyalty Acquisition, Expanding Sports-Fintech Convergence

The Quick Take

• BlackSoil provided ₹80 crore acquisition financing to Mintoak for its purchase of the ICC Loyalty program
• The deal expands Mintoak's fintech footprint by adding a high-value loyalty platform catering to cricket's global fan base
• BlackSoil's structured financing is part of a growing trend of private credit firms funding fintech M&A in India

Mumbai-based alternative credit firm BlackSoil has provided ₹80 crore in acquisition financing to Mintoak, a fintech company, for its purchase of the ICC (International Cricket Council) Loyalty program. The transaction enables Mintoak to expand its financial services portfolio by acquiring a loyalty platform with a built-in user base aligned with cricket fandom globally — a demographic with significant overlap with digitally-active, payments-enabled consumers in India, the UK, the Caribbean, and other cricket-following markets. Acquisition financing of this type is a growing segment of India's private credit market.

For Mintoak, the ICC Loyalty acquisition represents a strategic bet on the intersection of sports fandom and financial services — an area where loyalty programs can serve as low-cost customer acquisition channels for payments, credit cards, and other fintech products. Cricket's massive Indian audience, estimated in the hundreds of millions for major tournaments, provides unparalleled scale for loyalty program distribution. Acquiring an established loyalty platform with ICC branding gives Mintoak instant credibility and a ready user base from which to cross-sell financial products.

BlackSoil's role in the transaction highlights the expanding role of Indian private credit funds in financing technology and fintech M&A deals that might previously have relied on bank debt or venture capital. Private credit providers like BlackSoil offer more flexible terms and faster execution than traditional banks, making them attractive partners for fintech companies executing strategic acquisitions. The ₹80 crore ticket size is in line with the mid-market fintech M&A deals that private credit firms have been targeting in India, as the ecosystem matures and generates more consolidation activity among digital financial services providers.

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