Cross Border fintech Platform Skydo attracts $5 million in its pre-Series A Funding round
Cross border payments platform Skydo, which is catering to enterprises, MSMEs, and freelancers, has bagged $5 million in a pre-Series A funding round led by its current investor, Elevation Capital. The company has planned to use the funds to improve operations, enhance risk monitoring, and strengthen compliance protocols.
The Co-founder and CEO of Skydo, Srivatsan Sridhar noted, "This investment will help us to acquire payment licenses across geographies, expand internationally, and enable customers to send and receive business payments across multiple countries."
The company was established by Srivatsan Sridhar and Movin Jain. Sridhar, previously headed a business operations at Ola, and Jain,was the former head of payments product at PhonePe, joined forces to create a tech-driven platform that offers real-time tracking of cross-border payments. The startup's tech-driven platform enables real-time tracking of cross-border payments.
It is noteworthy that, the platform supports a variety of payment methods which includes payment links, cards, and bank transfers, and offer tools like a savings calculator to help freelancers and exporters uncover hidden costs associated with foreign transactions.
Since its foundation, Skydo has processed more than $100 million in payments for more than 6,000 Indian small and medium-sized business (SMB) exporters.
Skydo’s platform is integrated with six global banks and various international payment systems, enabling it to process transactions in 32 currencies. The startup primarily serves markets such as the United States, United Kingdom, Canada, Europe, Singapore, and the UAE, which together contribute 80-90% of remittance inflows into India.
Skydo operates within the Reserve Bank of India’s (RBI) Online Payment Gateway Service Provider (OPGSP) framework, serving as the main payment method for over 300,000 MSME exporters in India. Additionally, the startup has applied for the Cross-Border Payment Aggregator (PA-CB) license from the RBI, which would further strengthen its presence in the international payments sector.
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The Co-founder and CEO of Skydo, Srivatsan Sridhar noted, "This investment will help us to acquire payment licenses across geographies, expand internationally, and enable customers to send and receive business payments across multiple countries."
The company was established by Srivatsan Sridhar and Movin Jain. Sridhar, previously headed a business operations at Ola, and Jain,was the former head of payments product at PhonePe, joined forces to create a tech-driven platform that offers real-time tracking of cross-border payments. The startup's tech-driven platform enables real-time tracking of cross-border payments.
It is noteworthy that, the platform supports a variety of payment methods which includes payment links, cards, and bank transfers, and offer tools like a savings calculator to help freelancers and exporters uncover hidden costs associated with foreign transactions.
Since its foundation, Skydo has processed more than $100 million in payments for more than 6,000 Indian small and medium-sized business (SMB) exporters.
Skydo’s platform is integrated with six global banks and various international payment systems, enabling it to process transactions in 32 currencies. The startup primarily serves markets such as the United States, United Kingdom, Canada, Europe, Singapore, and the UAE, which together contribute 80-90% of remittance inflows into India.
Skydo operates within the Reserve Bank of India’s (RBI) Online Payment Gateway Service Provider (OPGSP) framework, serving as the main payment method for over 300,000 MSME exporters in India. Additionally, the startup has applied for the Cross-Border Payment Aggregator (PA-CB) license from the RBI, which would further strengthen its presence in the international payments sector.
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