India-based cross-border payments platform BRISKPE has raised US 5 million in a seed funding round led by online payment solutions provider PayU . BRISKPE, headquartered in Mumbai, intends to use the funding to enhance its product and service offerings, expand its team, and broaden its market presence.

Founded in January 2023 by a team of former bankers, BRISKPE simplifies cross-border transactions for Micro, Small, and Medium Enterprises (MSMEs). The platform enables MSMEs to sign up, link their Indian bank accounts, and raise invoices. It streamlines payment tracking and communication processes, with funds typically credited to Indian bank accounts within one day.

BRISKPE has partnered with YES BANK and operates under the Reserve Bank of India's OPGSP framework. Additionally, it holds a Money Service Business licence in Canada. Representatives from BRISKPE cited by yourstory.com emphasised the shared mission with PayU to reshape global payments for small businesses.

They also highlighted the partnership's significance in simplifying cross-border transactions for MSMEs, enabling them to scale globally. In turn, officials from PayU noted the alignment between BRISKPE's cross-border payment strategy and compliance focus, expressing enthusiasm for actively participating in the future growth of the company. Other developments from PayU In April 2024, PayU announced that it received in-principal approval from the Reserve Bank of India (RBI) to operate as a payment aggregator (PA).

According to the official press release, PayU obtained in-principal authorisation from RBI to operate as an online payment aggregation business. Representatives from the company underlined that the approval supported the company’s commitment to establishing a globally known digital payment infrastructure that is headquartered in India. Additionally, the announcement fell in line with the government’s Digital India initiative and the RBI’s progressive view on regulations.

PayU underlined its allegiance to supporting digitalisation and financial inclusion, especially for small and medium-sized businesses (SMEs) and merchants. .