India-based digital payments platform Mintoak has secured an investment of $20m in its a Series A round led by PayPal Ventures.

British International Investment as well as current investors HDFC Bank and Pravega Ventures also took part in the fundraise.

Various institutional investors such as White Whale Venture Fund also joined the round.

As part of the latest investment, HDFC Bank has increased its stake from 5.20% to 7.75% for INR311m ($3.8m) in cash.

Mintoak intends to use the proceeds to further develop its tech stack and grow its existing range of products.

The software-as-a-service (SaaS) platform will also expand its footprint in India in addition to boosting its presence in Middle East, Africa and Southeast Asia.

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Mintoak CEO and co-founder Raman Khanduja said: “Mintoak’s modular platform with pay-per-use pricing is white-labelled for each banking partner, which makes the entire proposition attractive to banks.

“I am thrilled to have some of the world’s most trusted brands place their faith in our product, team, and delivery.”

Established in 2017 by Khanduja along with Kabeer Jain, Rohit Ramana and Sanjay Nazareth, Mintoak helps banks to strengthen merchants’ payments options.

In December last year, Mintoak announced a partnership with HDFC Bank to allow merchants manage omnichannel payments and avail financial services.

PayPal Ventures Partner Ashish Aggarwal said: “PayPal leverages technology to make financial services and commerce more convenient, affordable, and secure to millions of businesses.”