Cross-border payments fintech Skydo on Tuesday raised $5 million in a pre-Series A round led by the firm’s existing investor, Elevation Capital.
The company will use the funds raised to expand its operations and invest in its risk monitoring and compliance systems.
The firm previously raised $5.2 million in a seed round led by Elevation Capital in 2022.
The company said it has applied for a Cross-Border Payments Aggregator (PA-CB) license from the Reserve Bank of India (RBI).
It processes transactions for over 6,000 small and medium-sized enterprises (SMEs) exporters in India. The fintech company claims to have processed payments worth over $100 million since it started operations in 2022.
The platform’s technology connects six global banks and international payment systems to enable customers to receive payments in 32 currencies from markets including the United States (US), United Kingdom (UK), Canada, Singapore, United Arab Emirates (UAE) and Europe.
“As India aims to export $2 trillion by 2030 and the informal economy continues to expand, we are focused on making cross-border payments as cost-effective as possible. Skydo’s unique selling proposition (USP) is to put our customer at the center of a radically transparent, simple and convenient platform to receive international payments,” said Srivatsan Sridhar, Co-Founder and Chief Executive Officer (CEO) of Skydo.
The company serves businesses, micro, small and medium-sized enterprises (MSMEs) and self-employed workers, among other clients.
“We are confident that Skydo will drive significant improvements in the way businesses handle international transactions and deliver unmatched value to SMEs and large enterprises. We look forward to supporting them in their mission to streamline global financial operations and set new benchmarks in the payments industry,” said Mridul Arora, Partner at Elevation Capital.
First published: August 13, 2024 | 16:58 IS
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.