PayU, a leading digital payments company, announced a $5 million investment in Mumbai-based cross-border payments platform BriskPe today. This marks the startup’s first institutional funding round.
The investment is a step towards PayU’s development of a comprehensive payments platform for domestic and international transactions. It will enhance PayU India’s current services for exports and imports.
BriskPe was among 30 early-stage fintech startups participating in PayU’s inaugural accelerator program, Infinity.
BriskPe was co-founded by Sanjay Tripathy, former Chief Marketing Officer of HDFC Life, Nilesh Pathak, previously the Chief Technology Officer of cross-border payments platform Nium, and Indunath Chaudhary, who had roles at Citibank and ICICI Bank.
Prosus-owned fintech major expressed its commitment to further invest in accelerating the adoption of cross-border payments, particularly by obtaining new regulatory licenses like PA-Cross Border. BriskPe will now face competition from entities like Skydo, PayPal, Razorpay, and others in the cross-border payments sector.
The startup provides payment processing services for small exporters and freelancers working for global clients. While the company was previously regulated under the central bank’s Online Payment Gateway Service Provider (OPGSP) guidelines, it must now obtain licensing under the RBI’s PA-CB regulations.
“With BriskPe’s top-notch management team and expertise in digital-first business models and banking systems, we are excited to actively participate in shaping their future growth. We are optimistic about the potential in cross-border payments and remain committed to driving economic growth in India.,” said Vijay Agicha, chief investment officer of PayU.
