Leading European bonus card services provider Payback has acquired an 86 per cent stake in i-Mint. Payback is the card business arm of Germany-based Loyalty Partner, which provides loyalty management solutions through its Payback bonus scheme.
“The acquisition will help us provide cutting-edge services to Indian shoppers and retailers through Payback’s international expertise with i-Mint’s local know-how and pan-India market presence,” said Alexander Rittweger, CEO, Payback.
Payback, which has sales of €20 billion in Europe, expects a revenue of Rs180 crore from the Indian market over the next 3-4 years.
i-Mint, which has a customer base of 1,500 companies in India, such as ICICI Bank, HPCL, Air India and MakeMyTrip.com, also expects to expand its base globally by bringing in more international and national brands.