Mintify, a B2B digital lending firm based in Mumbai, India, is close to closing its latest funding round, in talks to raise $100 million. The round is expected to include more than 20 other major investors, including Ontario Teachers’ Pension Plan (OTPP), Bain Capital, and Advent International. This potential funding round evidences investors’ growing focus on fintech solutions for small and medium enterprises (SMEs).
Financing Details
Mintify’s last major funding event was held in March 2023 and it received $110 million during a Series D funding round led by Premji Invest. The round included repeat investors such as Norwest Venture Partners, Elevation Capital, and the International Finance Corporation (IFC). Since then, Mintify has seen its valuation more than double from $200 million in 2022 to nearly $400 million in 2023.
The current funding discussions are unlikely to pick up at a time when big deals are returning to the Indian startup ecosystem. Sources claim that more than 20 investors are interested in Mintify's $100 million investment round. The final call for funding will be based on the valuation given to Mintify
strategic and financial performance
The main sources of additional cash will be used to grow Mintify's loan portfolio as well as overall disbursements. It provides loan solutions to companies that are digitising and optimising their supply chains, including Tata Motors, Nivea and Page Industries. It enables distributors to order inventory and pay later making it easier for them to operate.
A key factor attracting investors' attention is reported to be its financial performance. The company turned profitable in FY23, where they posted a net profit of ₹25 crore with a revenue of ₹227 crore. Although the FY24 results are yet to be filed with the Indian stock exchanges, the company's cash-rich position has emerged as a key factor to support failed funding expectations with the desired valuation during the current funding round.
Mintify's Technology Stack
Mintify uses a whole host of technology to power its B2B digital lending and supply chain financing products. Mintify leverages new web technologies including HTML5, CSS3, and JavaScript frameworks including React. js, which are essential in building reliable web interfaces that are flexible and able to respond to user input. The backend leverages reliable platforms like Node. js and Django, which deal with server-side logic and API functionality.
Mintify has developed its mobile application using development technologies like React Native which enables app development for both iOS and Android. Structured data is stored in relational databases like PostgreSQL and MySQL while unstructured data is stored in NoSQL like MongoDB database.
AWS (Amazon Web Services) provides the cloud services needed to enable Mintifi's flexibility and security. It has various services including computing with EC2, storage with S3, and relational database services with RDS. It connects to various payment processors and other financial companies for efficient transaction and funding capabilities.
This is why security is one of the most important aspects in terms of using Mintifi. It helps in transitioning from clunky approaches that hinder financial operations to methods that support the automation of such processes. The business model employs the application of data analytics to generate information on financial trends, credit risk, and customer behavior. This is crucial in enhancing decision-making processes and organizational operations.
Mintify also uses customer relationship management (CRM) to manage customer communications, leads, and service delivery. This increases customer satisfaction and loyalty. Implementation of CI/CD pipelines with Jenkins and GitLab Implementation of CI/CD pipelines with Jenkins and GitLab. Thus, it is possible to check that code changes undergo testing and deployment, which makes the software release process faster and more reliable.
conclusion
Mintify is planning a $100 million funding round, reflecting investors' growing interest in fintech platforms targeting SMEs. The vertical business model, strong performance and clear strategic plan position Mintify to leverage fresh funds for its growth and development.