Fintech Briskpe will use the funds to improve its product and service offerings, expand its staff, and broaden its reach, allowing more Indian enterprises to embark on a global adventure with frictionless cross-border payments.
PayU, the payment platform giant, has thrown its weight in Mumbai based BriskPe, cross-border payments platform by investing five million US dollars as reported today. This venture’s first institutional investment round is venture capital.
To ensure a proper product development and funding of hires and expansion, we intend to allocate this amount as stated during the press release.
In its core BRISKPE, supported by Mr. Tripathy personal efforts, are aimed at the issues which MSMEs are more interested by. Thanks to the cutting-edge technology, the international companies have an edge on reduced costs, efficient operations, and improved global competitiveness.
Birskpe, with a big customer base of over 1000 exporters is a Mumbai based company which is currently working toward the purpose of simplification of global payments by reducing costs, accelerating the transactions and making the process effortless and transparent. At the same time, customers’ regulatory requirements are complied with.
Efforts to develop a whole pay package that covers both domestic and international transfers are part of the duties the investment is part of. It is going to go hand in hand with PayU India’s established import and export functions as far as the sovereign is concerned.
BriskPe in among the 30 best early-stage fintech companies, takes part in PayU first accelerator program called Infinity.
BriskPe began with the three individuals who began the cross-border payments platform Nium – Sanjay Tripathy, the former chief marketing officer of HDFC Life, Nilesh Pathak, CTO of the firm and Indunath Chaudhary, who is a former employee of Citibank and ICICI Bank.
The Moni-affiliated fintech firm ascertained that the issue is a matter of trust, and hence they will speed up expanding their reach by getting new licenses similar to PA – Cross Border. In addition, upon the approval of our patent, this will bring direct competitors for BriskPe to the cross-border payments market, including Skydo, PayPal, and Razorpay.
The company specializes in payment processing and provides small businesses with a means to get paid when they do business with international clients or freelancers. An earlier company was mandated to operate under the loose framework of the Online Payment Gateway Service Provider (OPGSP) prescribed by the Central Bank of India. But in the wake of the recent RBI’s Payment Aggregator-Certain Categories of E-Commerce Operators rules, it will now be compelled to obtain a license.
“With BriskPe’s exceptional management team and expertise in digital-first business models and banking systems, we are thrilled to play an active role in influencing their future growth. “We are optimistic about the potential for cross-border payments and remain committed to driving economic growth in India,” said PayU’s chief investment officer, Vijay Agicha.
