Backed by Susquehanna Asia and Elevation Capital, the cross-border payments startup plans global expansion and regulatory growth with its RBI-approved platform
Skydo Raises $10 Mn Series A to Expand Global Reach
Cross-border payments startup Skydo has raised $10 million (₹89.8 Cr) in a Series A funding round, led by Susquehanna Asia Venture Capital. Existing investor Elevation Capital also participated.
The fresh capital will help Skydo expand internationally, acquire regulatory licences, and enhance its product suite to better serve global customers.
Enabling Local Payments for Global Business
Founded in 2022 by Srivatsan Sridhar and Movin Jain, Skydo empowers Indian MSMEs, freelancers, and startups to manage international payments with ease.
The platform supports:
- Local currency collections from international clients
- 24-hour settlements
- Automated compliance documents like FIRA
- Integrated invoicing, payment reminders, and reconciliation tools
These features reduce friction in international transactions and provide a one-stop solution for global commerce.
Serving 30,000+ Indian Businesses Across 50+ Cities
Skydo claims to have onboarded over 30,000 Indian businesses, serving clients across 50+ cities and supporting payments in more than 32 currencies.
Its customer base ranges from:
- Export-driven startups
- Freelancers
- SaaS platforms
- Ecommerce sellers
This positions Skydo as a key player in facilitating digital exports and cross-border service trade from India.
Scaling Globally with Regulatory Ambitions
With this funding, Skydo aims to:
- Expand to over 20 countries, including in Latin America, Africa, Southeast Asia, and the Middle East
- Acquire key regulatory licences in target markets
- Scale InstaLinks, its card acceptance offering
- Launch advanced APIs for SaaS companies and fintechs
Skydo’s vision is to build the financial operating system for global commerce, integrating payments, compliance, and reconciliation into a seamless backend for digital businesses.
Backed by RBI’s PA-CB Licence
Earlier this year, Skydo became one of the first startups to receive the Payment Aggregator – Cross Border (PA-CB) licence from the Reserve Bank of India (RBI).
This regulatory milestone allows Skydo to legally process cross-border payments, reinforcing its credibility and opening up new international corridors.
It joins a growing list of RBI-approved players like:
- Airpay Payment Services
- Razorpay
These licences are pivotal as the fintech ecosystem aligns with India’s goal of reaching $2 trillion in exports by 2030.
Solving Cross-Border Payment Pain Points
Skydo’s platform addresses several persistent challenges faced by exporters and freelancers:
- High forex markups
- Slow settlement cycles
- Cumbersome compliance requirements
By automating and accelerating these processes, Skydo provides a transparent and cost-effective solution for businesses seeking to grow beyond borders.
