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Cross-border payments startup Skydo has raised $10 Mn (about INR 89.8 Cr) in its Series A funding round led by Susquehanna Asia Venture Capital, with participation from existing investor Elevation Capital.
The Bengaluru-based startup plans to deploy the fresh capital to expand its global footprint, get regulatory licences in international markets, and expand its product suite. Skydo plans to expand its local currency collection solutions to more than 20 countries across Latin America, Africa, Southeast Asia, and the Middle East.
Additionally, the startup also aims to scale its card acceptance offering InstaLinks and launch advanced APIs for SaaS companies, marketplaces, and fintechs to embed Skydo’s global payment rails.
“This funding fuels our mission to build the financial operating system for global commerce – from collections, payouts, card acceptance, compliance automation, and accounting reconciliation,” said Skydo founder and CEO Srivatsan Sridhar.
Founded in 2022 by Sridhar and Movin Jain, Skydo provides a cross-border payments platform facilitating Indian MSMEs, freelancers, and startups to collect, manage, and reconcile international payments with automation.
Skydo enables customers to accept local payments from international clients, which are processed and settled within 24 hours. The platform also automatically generates compliance documents such as FIRA (Foreign Inward Remittance Advice) and offers a payment suite, including invoicing, payment reminders, and accounting integrations.
Skydo claims to serve over 30,000 Indian MSMEs, freelancers, and startups across 50+ cities, processing payments in over 32 currencies.
Earlier this year, Skydo received Payment Aggregator-Cross Border (PA-CB) licence from the RBI.
With India aiming to export goods and services worth $2 Tn by 2030, cross-border payments has emerged as a fast-growing segment within the fintech sector. Compliance issues, long settlement time and high forex mark-ups are among the key challenges faced by exporters. Skydo is working to solve these problems.
A number of other Indian startups offering cross-border payments solutions have also received the PA-CB licence from the central bank in the recent past. Yesterday, fintech startup Airpay Payment Services became the latest entity to secure the RBI’s cross-border payment aggregator licence.
Similarly, fintech unicorn Razorpay also bagged PA-CB licence from the RBI earlier this week, allowing it to facilitate both inward and outward cross-border payments internationally.
The post Skydo Bags $10 Mn To Expand Global Footprint, Acquire Regulatory Licences appeared first on Inc42 Media.
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