Skydo Raises $10 Million for Cross-Border Payments

Bengaluru-based cross-border payments platform Skydo has successfully obtained $10 million in its Series A funding round, primarily led by Susquehanna Asia Venture Capital, with significant contributions from returning investor Elevation Capital. To date, Skydo has amassed $19.7 million in equity funding, predominantly from Elevation Capital, which includes a $5 million investment secured in August of the previous year. The newly acquired funds are designated for enhancing local collection capabilities in over 20 additional countries spanning Southeast Asia, the Middle East, Africa, and Latin America.

About Skydo

Established by Srivatsan Sridhar and Movin Jain, Skydo facilitates exporters in receiving payments via local collections across various nations. The platform features flat-fee pricing and offers zero forex markups, along with a swift 24-hour settlement process. Additionally, Skydo streamlines compliance documentation, such as FIRA, while also providing various tools for invoicing, reminders, and seamless accounting integration.

Current Operations and Expansion Plans

Skydo currently caters to over 30,000 MSMEs, freelancers, and startups in more than 50 cities. The platform is adept at processing transactions in over 32 currencies and holds the distinction of being one of the first to secure in-principle approval from the Reserve Bank of India under the Payment Aggregator–Cross Border (PA-CB) framework. The company asserts it has quadrupled its payment volume in the last year and now aims for an impressive $5 billion in annualised transaction volume within the next two years.