 "PayU invests $5 million in cross-border payments start-up BRISKPE")
Prosus-backed fintech major PayU, on Monday, invested $5 million in a seed round in cross-border payments platform BRISKPE.
The Mumbai-based payments firm will use the funding to improve its product and service offerings, expand its team, and scale its services.
“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,” said Vijay Agicha, chief investment officer, PayU.
Launched in 2023, BRISKPE is led by Chief Executive Sanjay Tripathy and Chief Product and Technology Officer Nilesh Pathak. It provides cross-border payment solutions to businesses including micro, small and medium enterprises.
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“PayU’s investment in BRISKPE reflects our shared vision of transforming global payments for small businesses. This partnership is a major step forward in simplifying cross-border transactions for micro, small, and medium enterprises, allowing them to expand on a global scale,” said Sanjay Tripathy, co-founder and chief executive of BRISKPE.
The cross-border payments platform was one of 30 early-stage financial technology start-ups that participated in PayU’s inaugural accelerator program, inFINity. PayU’s latest funding to the company follows a series of prior investments in the fintech sector.
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In 2016, the company acquired Citrus Pay, a payments technology platform, for $130 million in one of the largest merger and acquisition deals that year.
In 2018, it invested $11.5 million in digital credit platform Paysense. In 2019, the company acquired digital payments company Wibmo for $70 million.
In 2020, the financial technology unicorn, along with investors such as Quona Capital and Saama Capital, invested $7 million in wealth-technology firm Fisdom. In 2021, the firm, along with Info Edge Ventures and Google, invested $27.5 million in Series A funding for offline-to-online merchant platform DotPe.