Digital financial services provider PayU, on Monday, announced an investment of $5 million in a seed round in cross-border payments platform BRISKPE to simplify global payments for Indian MSME merchants.
The investment underscores PayU India's commitment to seamless international payments and complements its existing export and import offerings, the company said.
"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," Vijay Agicha, Chief Investment Officer, PayU, said.
"We're optimistic about the potential in cross-border payments and remain committed to driving economic growth in India," he added.
According to the company, BRISKPE has been founded to elevate efficiency, transparency, and security to empower Indian businesses to thrive globally.
"This partnership is a major step forward in simplifying cross-border transactions for MSMEs, allowing them to expand on a global scale," said Sanjay Tripathy, Co-Founder and CEO, BRISKPE.
"At BRISKPE, we are committed to making international trade as easy as domestic transactions. Our innovative solutions empower local businesses to thrive in the global marketplace," he added.
Additionally, PayU said that it will continue to invest in accelerating the adoption and simplifying international payments for multiple cohorts by adhering to new regulatory licenses.
Last week, PayU received in-principle approval from the Reserve Bank of India to operate as a Payments Aggregator (PA) under the Payment Settlements Act, 2007.
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