Digital payments major PayU has invested $5 million in Mumbai-based cross border payments platform BriskPe, the company said in a press note, according to ETtech report.
This is the first institutional funding round for the startup. The investment is part of PayU’s efforts to build a full stack payments platform across both domestic and international payments. It will help complement PayU India’s existing offerings for exports and imports, the company said.
BriskPe was founded by ex-HDFC Life chief marketing officer Sanjay Tripathy, Nilesh Pathak, who was previously the CTO of cross border payments platform Nium, and Indunath Chaudhary who had worked with Citibank and ICICI Bank.
The Prosus-owned fintech major said it intends to continue investing to accelerate the adoption of cross-border payments by adhering to new regulatory licenses like PA-Cross Border. BriskPe will now compete with entities like Skydo, PayPal, Razorpay and others in the cross-border payments space.
The startup offers payment processing capabilities for small exporters and freelancers who work for global clients. While the company was regulated under the Online Payment Gateway Service Provider (OPGSP) guidelines of the central bank, it will now have to get licenced under the PA-CB rules of the RBI.
“With BriskPe’s top-notch management team, 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, PayU.
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