Skydo, a cross-border payments platform designed for businesses, SMEs and freelancers, has raised $5 million in a pre-Series A round funds round led by existing investor Lifting capital.
The startup will use the capital raised to improve operations, strengthen risk monitoring and enhance compliance measures.
“This investment will help us acquire payment licenses across geographies, expand internationally, and enable customers to send and receive business payments across multiple countries,” said Srivatsan Sridhar, co-founder and CEO of Skydo.
What does Skydo do?
Skydo was founded in 2022 by Srivatsan Sridhar and Movin Jain. Sridhar, who previously headed Ola’s business operations, and Jain, former head of payments products at PhonePe, joined forces to create a technology-based platform that offers real-time tracking of cross-border payments.
The startup’s technology-powered platform enables real-time tracking of cross-border payments.
In particular, the platform supports a variety of payment methods, including payment links, cards and bank transfers, and provides tools such as a savings calculator to help freelancers and exporters uncover hidden costs associated with foreign transactions.
Since its inception, Skydo has processed over $100 million in payments for over 6,000 small and medium-sized enterprises (SMEs) exporters in India.
Facilitation of payments in 32 currencies
Skydo’s platform is currently connected to six global banks and multiple international payment systems, allowing it to facilitate payments in 32 currencies.
The startup’s key markets include the US, UK, Canada, Europe, Singapore and the UAE, which together account for 80-90% of remittance inflows to India.
Operating under the OPGSP framework of the RBI
Skydo operates under the Online Payment Gateway Service Provider (OPGSP) framework of the Reserve Bank of India (RBI), which is the primary payment method for over 300,000 exporting MSMEs across India.
The startup has also applied for the Cross-Border Payment Aggregator (PA-CB) license from the RBI, which would further solidify its position in the international payments space.
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