-
Mintifi to raise $100 million from Ontario Teachers, Bain Capital, and 20 other investors
-
Funding to expand loan book and grow total disbursals, with a focus on supply chain financing
-
Mintifi’s valuation expected to increase significantly due to strong financial performance
Mintifi, a digital lending platform, is in talks to raise $100 million from a consortium of investors, including Ontario Teachers’ Pension Plan, Bain Capital, and Advent International. The funding will be used to expand Mintifi’s loan book and grow its total disbursals, with a focus on supply chain financing.
Mintifi works with large companies to digitize their supply chain and extend credit to stakeholders, including distributors and retailers. The company has seen significant growth, doubling its valuation from $200 million in 2022 to around $400 million in 2023. With this funding, Mintifi aims to further grow its loan book and expand its offerings to small and medium-sized enterprises (SMEs).
Mintifi’s financial performance has been strong, with the company turning profitable in FY23 after recording a net profit of Rs 25 crore on a revenue of Rs 227 crore. The company’s financial metrics are expected to improve further as it grows its base of corporate partners and increases its loan book. Mintifi competes in the digital lending space with companies like KredX, Oxyzo, and InCred.
The funding round is expected to be a primary capital infusion, with the fresh capital being used to expand Mintifi’s loan book and further grow total disbursals. Mintifi has raised around $170 million so far and is expected to continue disrupting the supply-chain financing industry with its proprietary flow-based underwriting model.
