BRISKPE, a Mumbai-based cross-border payments platform, has successfully secured a $5m seed investment from FinTech giant PayU.
The investment was made by PayU, the payments and FinTech business of Prosus, marking a significant milestone in BRISKPE’s growth trajectory. This seed round aims to propel the platform’s capabilities in facilitating seamless and cost-effective international transactions for Indian businesses.
BRISKPE operates within the FinTech sector, providing innovative solutions tailored for MSMEs engaging in cross-border trade. The platform addresses common challenges such as high transaction fees and fluctuating exchange rates, thereby enabling exporters to navigate global markets more effectively.
The new funds will be utilised to enhance BRISKPE’s product offerings, expand its team, and extend its market reach. These efforts are directed towards enabling a larger number of Indian businesses to embark on their global journeys, equipped with efficient and reliable payment solutions.
In addition to driving product development and business expansion, BRISKPE remains committed to fostering economic growth and supporting the robust sector of MSMEs, which notably contributed over 45% to India’s exports in the fiscal year 2023-24.
BRISKPE CEO Sanjay Tripathy emphasised the impact of this investment, “PayU’s investment in BRISKPE aligns with our shared mission to reshape global payments for small businesses. This partnership represents a pivotal stride in simplifying cross-border transactions for MSMEs, enabling them to scale globally. At BRISKPE, we are committed to bridging the gap between domestic and international trade, empowering local businesses with our innovative solutions to thrive globally.”
PayU’s Chief Investment Officer Vijay Agicha also commented on the strategic investment, “BRISKPE’s alignment with our cross-border payment strategy and focus on compliance highlights a symbiotic partnership. With BRISKPE’s top-notch management team expertise in digital-first business models and banking systems, we’re excited to actively participate in shaping their future growth. We’re optimistic about the potential in cross-border payments and remain committed to driving economic growth in India.”
Keep up with all the latest FinTech news here.
Copyright © 2024 FinTech Global
