Skydo Raises $5 Million in Pre-Series A Round to Supercharge Cross-Border Payments
Skydo, a cutting-edge cross-border payments platform serving enterprises, micro, small, and medium-sized businesses (MSMEs) and freelancers, has secured $5 million in its pre-Series A funding round, led by its existing backer, Elevation Capital.
This latest investment comes on the heels of a successful seed round of $5.2 million in 2022 also led by Elevation Capital. The fresh funds will be utilized to scale up operations, further enhance risk monitoring and compliance, and reinforce Skydo’s position as a leading provider of innovative cross-border payment solutions.
Founded in 2022 by Srivatsan Sridhar and Movin Jain, Skydo’s platform revolutionizes the way businesses manage cross-border payments with real-time tracking, monitoring, and analytics. The platform supports a range of payment methods, including payment links, cards, and bank transfers, and its intuitive savings calculator helps freelancers and exporters navigate the complexities of foreign transactions.
With over 6,000 Indian SMB exporters currently leveraging its services, Skydo boasts an impressive track record of processing payments of over $100 million since its inception. The platform seamlessly connects six global banks and multiple international payment systems, facilitating payments in 32 currencies from key markets such as the US, UK, Canada, Europe, Singapore, and the UAE, which collectively account for 80-90% of remittance inflows into India.
As a compliant player under RBI’s Online Payment Gateway Service Provider (OPGSP) framework, which caters to over 300,000 MSME exporters in India, Skydo has also applied for the highly sought-after Cross-Border Payment Aggregator (PA-CB) license from the RBI, underscoring its commitment to a long-term vision of democratizing cross-border payments for businesses worldwide.
