BRISKPE Snags $5 Mn From PayU To Help MSMEs Streamline Global Operations

Mumbai-based fintech platform BRISKPE has raised $5 Mn (around INR 42 Cr) in a seed funding round from Prosus-backed digital payments major PayU. 

The startup plans to use the fresh funding to boost its product and service offerings. It will also use the capital to expand its team and scale up its reach to enable more Indian businesses to expand globally with seamless cross-border payments.

Sanjay Tripathy, cofounder and CEO of BRISKPE, said, “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.

“BRISKPE’s alignment with our cross-border payment strategy and focus on compliance highlights a symbiotic partnership. With BRISKPE’stop-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,” said, Vijay Agicha, chief investment officer at PayU.

Founded in  2023 by ex-HDFC Life chief marketing officer Sanjay Tripathy, CTO of Nium a cross-border payments platform Nilesh Pathak and Indunath Chaudhary with ex-Citibank and ICICI Bank experience, BRISKPE is a Mumbai-based cross-border payment platform primarily focussed on solving the requirements of Micro, Small, and Medium Enterprises (MSMEs). 

BRISKPE aims to provide MSMEs with a comprehensive solution that empowers these businesses to reduce costs, streamline global operations, and boost their global competitiveness. 

BRISKPE claims to have a customer base of more than 1000 exporters. 

It competes against Instarem, EximPe, Salt, Skydo and Payglocal in the cross-border payment space.

This comes a week after PayU received in-principle authorisation from the Reserve Bank of India (RBI) to operate as a payment aggregator (PA).

In January 2023, RBI reportedly returned the fintech platform’s application for the PA licence in January 2023 citing its complex corporate structure. 

On the back of funding winter, India’s fintech industry saw a dramatic 63% plunge in VC funding in 2023, raising only $3 Bn compared to the record-breaking $8 Bn in 2021.

However, 2024 has seen some traction from investors. 

Last month, fintech startup FREED raised INR 60 Cr ($7.5 Mn) in its Series A round, led by Sorin Investments and Multiply Ventures.