Digital payments startup PayU has invested USD 5 million in the Mumbai-based cross-border payments platform BriskPe. This marks the startup’s first round of funding from an institution. The investment is part of PayU’s efforts to create a comprehensive payments platform for both domestic and international payments, building on its existing services for exports and imports in India.
BriskPe was selected from 30 early-stage fintech startups to participate in PayU’s accelerator program, Infinity. The company was founded by Sanjay Tripathy, Nilesh Pathak and Indunath Chaudhary. PayU, owned by Prosus, plans to continue investing in cross-border payments and adhere to new regulatory licenses like PA-Cross Border.
BriskPe will now compete with other companies such as Skydo, PayPal, and Razorpay in the cross-border payments sector, offering payment processing for small exporters and freelancers working with global clients. Additionally, the company will need to obtain a license under the PA-CB rules of the RBI.
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