Fintechs Invest in Making Cross Border Payments More Efficient According to some reports, the global cross-border payments market was valued at USD 181.9 trillion in 2022, and is projected to reach USD 356.5 trillion by 2032, growing at a CAGR of 7.3 per cent from 2023 to 2032.
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At a time when the Reserve Bank of India (RBI) is trying to make cross-border payments more efficient by addressing challenges of high cost, slow speed, and insufficient access and transparency, fintech companies are innovating with solutions that aim to complement the central bank's efforts.
Earlier this month, RBI Governor Sanjay Malhotra was quoted saying at the inauguration of Digital Payments Awareness Week 2025, "We will continue to expand the reach of UPI bilaterally by linking UPI with Fast Payment Systems of other countries. We will also explore the possibility of linking payment systems other than UPI for facilitating efficient cross-border payments."
According to some reports, the global cross-border payments market was valued at USD 181.9 trillion in 2022, and is projected to reach USD 356.5 trillion by 2032, growing at a CAGR of 7.3 per cent from 2023 to 2032.
Last year, fintech giant PayU invested USD 5 million in BRISKPE, a Mumbai-based cross-border payments platform. This seed round aims to propel the platform's capabilities in facilitating seamless and cost-effective international transactions for Indian businesses.
BRISKPE operates within the FinTech sector, providing innovative solutions tailored for MSMEs engaging in cross-border trade. The platform addresses common challenges such as high transaction fees and fluctuating exchange rates, thereby enabling exporters to navigate global markets more effectively.
The new funds will be utilised to enhance BRISKPE's product offerings, expand its team, and extend its market reach. These efforts are directed towards enabling a larger number of Indian businesses to embark on their global journeys, equipped with efficient and reliable payment solutions. In January this year, BRISKPE launched a unified platform integrating account-to-account (A2A) transfers, card collections powered by PayU and PayPal, providing exporters, service providers, marketplace sellers and freelancers with convenience and efficiency in managing international transactions.
"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 CEO Sanjay Tripathy said during the investment announcement.
Cashfree Payments is also reportedly looking to expand its cross-border payments offering, post fresh injection of USD 53 million in its latest funding round. The investment was led by Krafton, the South Korean media giant, alongside existing investor Apis Growth Fund II.
LeRemitt, a leading fintech platform focused on simplifying cross-border payments for MSME goods and services exporters, recently announced the launch of LeDoc, an Al-powered platform designed to streamline trade documentation and compliance management through intelligent storage, enhanced security, seamless sharing and real-time collaboration.
"MSMEs contribute nearly 48 per cent to India's merchandise exports. Despite their significant role, there are few technology solutions tailored to their unique challenges. While digitization is actively progressing within government systems, exporters must also be prepared to leverage this advancement One key challenge we identified for exporters is documentation. With LeDoc, we aim to simplify compliance, reduce paperwork hassles, and empower MSMEs to focus on scaling their businesses efficiently," said Sheetal Jain, Co-founder and CEO, LeRemitt.
LeDoc is the latest addition to LeRemitt's Global Trade Verse, an integrated cross-border platform that leverages technology to simplify global trade.
"While building LeDoc, we examined every documentation challenge exporters face in India. We integrated blockchain for unique, tamper-proof records, two-factor verification for secure sharing, and AI-driven error detection for accuracy. From security to compliance, we have addressed it all," said Hari Ambati, Co-founder and CTO of LeRemitt.
